by Christopher Freeburn | April 7, 2014 12:45 pm
On 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.
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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