Hasbro: shares boosted by BofA's optimism
(CercleFinance.com) - Hasbro shares were one of the biggest gainers on the S&P 500 index on Monday morning on the New York Stock Exchange, after Bank of America published a positive report on the stock.
The US toy and game manufacturer's stock closed up over 1.5%, compared with a timid 0.1% rise in the S&P.
Bank of America reports that its contacts in the industry are reporting solid sales momentum for 'Magic: The Gathering', Hasbro's role-playing games division, due in particular to the success of the 'Bloomburrow' expansion, whose simpler operation has attracted new players, according to the broker.
Regarding toys, the broker also points to "green" signals from retailers ahead of the Christmas season, not only for brands such as 'Play Doh' and 'Beyblade', but also for 'Transformers' and 'Monopoly Go!', which it believes are already well positioned on supermarket shelves.
The broker, which has a buy rating on the stock, has therefore raised its target price for it from $85 to $90.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The US toy and game manufacturer's stock closed up over 1.5%, compared with a timid 0.1% rise in the S&P.
Bank of America reports that its contacts in the industry are reporting solid sales momentum for 'Magic: The Gathering', Hasbro's role-playing games division, due in particular to the success of the 'Bloomburrow' expansion, whose simpler operation has attracted new players, according to the broker.
Regarding toys, the broker also points to "green" signals from retailers ahead of the Christmas season, not only for brands such as 'Play Doh' and 'Beyblade', but also for 'Transformers' and 'Monopoly Go!', which it believes are already well positioned on supermarket shelves.
The broker, which has a buy rating on the stock, has therefore raised its target price for it from $85 to $90.
Copyright (c) 2024 CercleFinance.com. All rights reserved.