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 note on the stock.


Just over an hour after opening, the American toy and game manufacturer climbed almost 2%, compared with a 0.3% decline at the same time for 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.

On the toy side, 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, who advises the stock to buy, accordingly raises its price target from $85 to $90.

Copyright (c) 2024 CercleFinance.com. All rights reserved.