UPDATE: Piper Jaffray Downgrades Mattel to Neutral, Lowers PT Following Company Analyst Day

In a report published Thursday, Piper Jaffray analyst Stephanie S. Wissink downgraded the rating on Mattel MAT from Overweight to Neutral, and lowered the price target from $52.00 to $46.00. In the report, Piper Jaffray noted, “We are downgrading our rating to Neutral following the company's analyst day, based on our view that current valuation fairly factors in sustained growth prospects and attractive yield. We see MAT as a core defensible holding, providing a natural hedge to higher growth (and higher risk) areas in consumer discretionary. But we also recognize that upside to estimates may be limited and meaningful outperformance is needed to support a premium to historic average multiple. We are confident in execution and a portfolio among the strongest in the children's products industry. We look to revisit our thesis in early 2014; should visibility improve into core drivers of potential upside, we'd be inclined to reposition our view. Using a 15x multiple, our PT is $46/sh.” Mattel closed on Wednesday at $44.66.