Hasbro price target raised to $90 from $85 at BofA

BofA analyst Jason Haas raised the firm’s price target on Hasbro to $90 from $85 and keeps a Buy rating on the shares to reflect raised estimates as the firm notes that two recent digital game launches, Monopoly Go and Baldur’s Gate 3, which Hasbro earns royalty revenue from, are performing “exceptionally well.” If Monopoly Go generates $500M of revenue in its first year, BofA estimates this will contribute $60M of revenue for Hasbro, or 33c to EPS, which it sees largely benefiting 2024. The firm believes investors don’t fully appreciate Hasbro’s potential to generate high-margin licensing revenue from its strong IP library, the analyst added.