Mattel (NASDAQ:MAT) stock is worth checking on Friday as investors in the toy company react to a new price prediction from Citi.
Citi analyst James Hardiman set a new price target of $26 per share for MAT stock today. For the record, that represents a potential upside of 25% compared to the stock’s prior closing price. Additionally, it’s above the analysts’ consensus price prediction of $24.80 per share.
To go along with that new price target, the Citi analyst also initiated coverage of MAT stock with a “buy” rating. That matches the analysts consensus rating for MAT shares based on nine opinions.
Why the Bullish Take on MAT Stock?
Here’s what Hardiman had to say about Mattel stock in a note to clients obtained by CNBC:
“The crowning jewel of MAT’s new content strategy has been the resounding success of 2023′s live-action Barbie film, which has grossed $1.4B as of mid-October, placing it in the top 15 highest grossing films of all time. Building on the Barbie phenomenon, Mattel has a number of films and TV shows in development, with the aim to grow the value of its IP portfolio and compete with growing alternatives for children’s attention.”
MAT stock is down slightly as of Friday morning despite this positive coverage of the shares.
Of course, there are plenty of other stock market stories that traders are going to want to know about on Friday!
We’ve got all of the latest stock market news that investors need to know about today. That includes everything happening with shares of VinFast (NASDAQ:VFS) stock, AMC Entertainment (NYSE:AMC) stock and solar stocks today. All of that news is available at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
