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Sorry, Barbie! Mattel Stock Slips on Downgrade

A firm sets a new target price below Mattel's current trading price


Mattel MATOn Monday, analysts at BMO Capital Markets lowered their rating for Mattel (MAT) stock. The downgrade sent MAT stock down more than 2% in mid-day trading.

Mattel stock slid after BMO Capital Markets downgraded the toymaker from a prior rating of “Market Perform” to “Underperform.” BMO analysts also cut their price target for Mattel stock from $40 per share, to $33 per share. That is 16% above the Friday closing price of Mattel shares, Zolmax notes.

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Last month, Zacks reaffirmed at “Neutral” rating and a $41 price target for Mattel stock.

In March, Mattel agreed to purchase Canadian building block-maker Mega Brands for $460 million.

Mattel stock closed at $39.41 on Friday. Over the past year, Mattel stock has dropped about 8%.

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