UPDATE: Mattel Downgraded by Goldman Sachs, Cites Declining U.S. Retail Trends

In a report published after the market close on January 6, 2014 Goldman Sachs downgraded Mattel, Inc. MAT from Neutral to Sell. The firm maintains a $40.00 price target on shares of Mattel. Goldman's Michael Kelter said, "Our checks suggest MAT's US retail trends have decelerated over the past several months due to share losses, with trends in the -10% range. While International expansion and American Girl will likely provide partial offsets, we believe the magnitude of its US retail declines will likely drive a 4Q13 sales and EPS miss vs. expectations. We are 4% below consensus on 4Q13 revenues, and $0.07 below on EPS ($1.14 vs. $1.21)." Mattel ended January 6th at $46.62. Following the release of the Goldman Sachs downgrade, Mattel opened January 7th at $45.57 and has rebounded to its current price of $46.13.