Stephen Laszczyk, an analyst from Goldman Sachs, maintained the Hold rating on Hasbro (HAS – Research Report). The associated price target is $50.00.
Stephen Laszczyk has given his Hold rating due to a combination of factors surrounding Hasbro’s recent financial performance and forecasts for the upcoming year. The company’s fourth-quarter earnings were disappointing, falling short of expectations in terms of revenue, adjusted EBITDA, and adjusted diluted EPS. This was primarily due to a significant drop in Consumer Products revenues. Furthermore, Hasbro’s projections for 2024 are less optimistic than the consensus, indicating anticipated declines in both Consumer Products and Wizards of the Coast (WOTC) revenues, as well as a lower EBITDA than anticipated by market analysts.
Additionally, while maintaining a Neutral rating, Laszczyk has reduced the 12-month price target for Hasbro from $52 to $50. This decision reflects a cautious approach regarding Hasbro’s capability to effectively implement its digital gaming strategy with WOTC and to increase revenues in a challenging economic climate for consumer discretionary spending. Despite these concerns, there is a recognition of Hasbro’s potential to benefit from new content and product innovations within its core Consumer Product segment, as well as significant cost-saving opportunities. However, the overall investment narrative for Hasbro is viewed as having a degree of risk in the short term due to broader macroeconomic uncertainties, tempering expectations for stock performance.
Laszczyk covers the Communication Services sector, focusing on stocks such as Warner Music Group, Sirius XM Holdings, and Cinemark Holdings. According to TipRanks, Laszczyk has an average return of 4.6% and a 78.38% success rate on recommended stocks.
In another report released today, Bank of America Securities also reiterated a Hold rating on the stock with a $51.00 price target.
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Hasbro (HAS) Company Description:
Hasbro, Inc. engages in the provision of children and family leisure time products and services with a portfolio of brands and entertainment properties. The firm operates under the following brands: Littlest Pet Shop, Magic: The Gathering, Monopoly, My Little Pony, Nerf, Play-Doh, and Transformers. It operates through the following segments: United States and Canada, International, and Entertainment, Licensing and Digital. The United States and Canada segment refers to the marketing and sale of products in the United States and Canada which include the innovation and reinvention of toys and games. The International segment engages in the marketing and sale of product categories to retailers and wholesalers in Europe, Latin and South America, and the Asia Pacific region and through distributors in those countries where there is no direct presence. The Entertainment, Licensing and Digital segment conducts movie, television and digital gaming entertainment operations. The company was founded by Henry Hassenfeld and Hilal Hassenfeld in 1923 and is headquartered in Pawtucket, RI.
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