UPDATE: Goldman Sachs Reiterates Neutral Rating, Lowers PT on Mattel as Product Cycle May be Coming to a Close

In a report published Monday, Goldman Sachs analyst Michael Kelter reiterated a Neutral rating on

, but lowered the price target from $39.00 to $38.00. In the report, Goldman Sachs noted, “We lower our 2013-15 EPS estimates to $2.52/$2.63/$2.83 ($2.54/$2.70/$2.90) to reflect a downturn in recent US trends, offset in part by the weaker USD. This suggests no EPS growth in 2013 after a strong run 2010-12. We lower our P/E and DCF-based 12 month price target by $1 to $38 to reflect our lower estimates. Our Neutral rating is unchanged.” Mattel closed on Friday at $42.55.