BofA lowered the firm’s price target on Mattel (MAT) to $27 from $28 and keeps a Buy rating on the shares. After the company reported Q2 results, the firm lowered its Q3 EPS forecast to $1.08 from $1.19, mostly to account for incremental gross margin pressure, especially from tariffs, as well as incremental promotions and incentives that are now expected. While Mattel says it continues to see retailers ordering on more of a just-in-time basis, they are not cutting holiday orders, which supports a Q4 rebound to sales growth of 5%, the analyst tells investors.
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