Jefferies Initiates MAT At Buy, $28 PT

Jefferies is initiating coverage of Mattel, Inc. (NYSE: MAT) with a Buy rating and 12-month price target of $28/share.

“With some of the world's best toy and games brands for girls, boys and preschoolers, the prospect for new multi-faceted franchise introductions and a strong focus on managing costs, we believe Mattel shares are attractive as a growth vehicle, while an increasingly shareholder-friendly approach to its cash provides additional support,” Jefferies writes.

Mattel closed Thursday at $24.05.