In fact, Mattel's earnings report consisted of its first top-line growth dating all the way back to the third quarter of 2013, Kocharyan stated in a research report. Net sales in the quarter grew 2 percent (3 percent in constant FX), which was a "tad better" than the 1.3 percent growth he had expected.
So Now What?
Mattel maintains its full-year sales outlook of up by a low-single-digit, implying a growth of more than 7 percent in the back half of the year, Sheridan added in a follow-up research report. However, sales for the back half of 2017 will be more weighted in the fourth quarter and accurately reflects the tougher retail environment and consistent with commentary offered by its peers.
Finally, the analyst's price target is based on a 19x multiple on the analyst's 2018 estimated earnings per share.
At last check, shares of Mattel were down 8.57 percent at $19.48.
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