Analyst cuts Mattel rating after 4Q disappoints
NEW YORK (AP) — Mattel's stock fell to its lowest point in a year on Monday, still reeling from its disappointing results in its holiday quarter.
On Friday the world's biggest toy maker said sales of some of its biggest brands, such as Barbie and Fisher-Price, dropped in the October-December period.
Electronic devices and video games are increasingly popular toys for children rather than traditional toys.
The El Segundo, Calif.-based company's overall sales declined 7 percent, to $2.11 billion. Wall Street analysts had predicted revenue growth and a bigger profit than Mattel reported.
Linda Bolton Weiser of B. Riley & Co. cut her rating on Mattel shares to "Neutral" from "Buy" and her price target to $41 from $55.
A message left seeking comment from Mattel was not immediately returned.
Shares of Mattel Inc. declined $1.94, or 5.1 percent, to $35.90 in afternoon trading, the lowest level since January 2013.