Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Mattel Inc (NASDAQ:MAT) shares fell 3.8% Monday amid tariff concerns despite above-expected earnings.
The Analyst
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
KeyBanc analyst Brett Andress reiterated a Sector Weight rating on Mattel.
The Thesis
Mattel’s second-quarter results on July 25 came in above expectations, largely driven by Barbie, Toy Story and continued cost savings, according to Andress.
The company’s 2019 guidance was reiterated but he now feels more realistic than conservative due to last week’s List 4 tariff news, which he estimates could create a $30 million second-half profit hurdle that needs
[swift mitigating."
Want Private Access to Benzinga Analyst?
Check out the latest strategies our team of experts are using every week so that you can always adapt to the market like the pros!—Get FULL Access to This Week's Webinar Here.
“All in, despite the strong start to the year, this new tariff uncertainty on top of MAT’s fragile turnaround keep us SW rated,” he wrote in a note.
Tariffs on List 4 will go into effect Sept. 1 at 10%, at a time when the analyst says toys begin to arrive in the United States for the holiday.
Mattel owns 10 facilities in China, making them less nimble vs. competitors over the medium term should tariffs persist, Andress says.
“We view 2H19 as manageable, but still worry about knock-on effects (consumer price elasticity, retailers desire to stock normalized inventory levels, etc.), leading us to keep our FY19E EBITDA unchanged,” Andress said.
Price Action
Mattel shares closed Monday at $12.63.
Related Links
Trade War With Mexico Could Hurt Mattel, While China Spat Affects Hasbro
DA Davidson Cuts Mattel's Price Target Despite Q2 Sales, EBITDA Beat
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.