Mattel price target lowered to $27 from $30 at BMO Capital

BMO Capital analyst Gerrick Johnson lowered the firm’s price target on Mattel to $27 from $30 but keeps an Outperform rating on the shares. The company’s FY23 guidance seems conservative, based on the cautious initial retail orders and the sting of missing its initial 2022 forecast by a wide margin, the analyst tells investors in a research note. The firm sees a pickup in demand in the back half however, resulting in replenishment orders that could provide upside.