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Mattel's stock jumps after Jefferies raises rating, stock price target

Shares of Mattel Inc. MAT, +four.92% shot up five.6% in midday business Wednesday, after the toymaker was once upgraded at Jefferies analyst Stephanie Wissink, who stated the near-term dangers are now in large part priced into the inventory. Wissink raised her score to hold, after being at a bearish underperform since Feb. 26. She bumped up her worth target to $13, which is eight.9% underneath current levels, from $12. While Wissink stated her confidence within the restoration is "still very low," she expects the inventory to "trade in a range" close to time period, as "persistently weak fundamental results and demand dislocation" stemming from the Toys "R" Us liquidation caps inherent highbrow property value and take-out speculation. She expects first-quarter results, which are scheduled for unencumber on April 19, to be a "mixed bag," balanced by sales and underlying profit misses and competitive price slicing. "It's unclear what the market will value in the wake of the report; as such, a neutral position seems more appropriate," Wissink wrote in a notice to purchasers. The inventory has shed 7.9% over the past 3 months, whilst rival Hasbro Inc. shares HAS, +1.50% have misplaced five.2% and the S&P 500 SPX, -Zero.27% has slipped four.Zero%.