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MAT

Mattel

$15.04

-0.35 (-2.27%)

, KKR

KKR

$20.05

0.055 (0.28%)

13:20
12/11/17
12/11
13:20
12/11/17
13:20

Mattel sees holiday quarter sales hurt by key retailers' inventory

Mattel (MAT) warned in a regulatory filing that fourth quarter gross sales may be negatively impacted by tighter inventory management at key retailers. This comes not long after Toys R Us filed for bankruptcy to help the toy retailer relieve itself of debt left. TIGHTER INVENTORY AT KEY RETAILERS: In a regulatory filing, Mattel stated: "Based on preliminary quarter-to-date data for the fourth quarter, Mattel currently anticipates its gross sales during the fourth quarter of 2017 will continue to be negatively impacted by key retail partners moving toward tighter inventory management and by challenges in the Toy Box and certain underperforming brands. Due to these factors, Mattel expects its full year 2017 gross sales will decline by a percentage in at least the mid-to-high single digits compared to 2016... The unfavorable year-over-year gross margin experienced during the first nine months of 2017 is expected to continue throughout the fourth quarter of 2017, as a result of unfavorable product mix, higher freight and logistics expense, and lower fixed cost absorption. In addition, continued negative trends in top line performance for the balance of the year could result in additional gross margin deterioration as a result of higher inventory write-downs and discounts offered to clear inventory. Mattel's advertising and promotion expenses in the full year 2017 are expected to be slightly higher than full year 2016 on a gross dollar basis. In addition, Mattel's other operating expenses for the fourth quarter of 2017, excluding severance expenses, are expected to be higher than the fourth quarter of 2016. As a result of these items, Mattel's operating income margin, excluding severance expenses, for the fourth quarter of 2017 is expected to be significantly lower than the fourth quarter of 2016. In addition, gross margins and operating income could be further impacted by fourth quarter charges or expenses, including restructuring and other non-cash write-offs, which could be material, incurred in connection with its recently announced cost savings program, which is targeting run-rate cost savings of at least $650M." TOYS R US BANKRUPTCY: Back in September, Toys R Us filed for chapter 11 bankruptcy protection to help the toy retailer relieve itself of the debt left over from its $6.6B acquisition by KKR (KKR), Bain Capital Partners and real estate investment trust Vornado Realty Trust (VNO) in a 2005 deal. At the time, the company had said it would continue to operate as usual its approximately 1,600 Toy R Us and Babies R Us stores around the world. PRICE ACTION: In afternoon trading, shares of Mattel have gained about 1% to $15.16.

MAT

Mattel

$15.04

-0.35 (-2.27%)

KKR

KKR

$20.05

0.055 (0.28%)

VNO

Vornado

$77.07

0.08 (0.10%)

MAT Mattel
$15.04

-0.35 (-2.27%)

11/03/17
11/03/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Twitter (TWTR) upgraded to Buy from Hold at Argus with analyst Jim Kelleher citing an increase in user engagement, strong growth in adjusted EBITDA, and anticipated return to annual revenue growth next year. 2. Mattel (MAT) upgraded to Neutral from Underperform at DA Davidson with analyst Linda Bolton Weiser saying while the company suspended its dividend and saw a 51% decline in operating profit, she is positive on the company's 2-year $650M cost reduction program and plans to reduce its product range. 3. Wingstop (WING) upgraded to Buy from Hold at Stifel with analyst Chris O'Cull saying he thinks the consensus 2018 same-restaurant sales projection of 3% growth will prove conservative. 4. CACI (CACI) upgraded to Buy from Hold at Noble Financial with the firm's analyst saying the market overreacted to bookings and pipeline news, and views the pullback as a buying opportunity. 5. Regeneron (REGN) upgraded to Neutral from Underperform at Baird with analyst Brian Skorney citing better than expected Dupixent sales. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/13/17
JEFF
11/13/17
NO CHANGE
JEFF
Jefferies views potential Hasbro, Mattel merger as possible
With highly different cultures and strategies, the possible merger between Hasbro (HAS) and Mattel (MAT) is less about financial accretion and more about risk/disruption, comparative uses of capital, and related returns, Jefferies analyst Stephanie Wissink tells investors in a research note. "Possible - yes; productive - less so," is how the analyst describes the possible tie-up. She believes the level of profit augmentation from a deal is heavily dependent on what kind of cost duplication actually exists and what levels of investment would be required to rebuild Mattel's sales model.
11/14/17
DADA
11/14/17
NO CHANGE
Target $124
DADA
Buy
Hasbro benefits from Mattel acquisition would be immense, says DA Davidson
DA Davidson analyst Linda Bolton Weiser says that if The Wall Street Journal speculation of a Mattel (MAT) takeover by Hasbro (HAS) comes to fruition, at $18 per share price point the Hasbro EPS accretion potential could be at $7.50-$8.50. Weiser adds the benefits of the combination would be immense, noting that her analysis does not even include the revenue synergies potential, as Hasbro may apply its content development capabilities to Mattel's brands. The analyst keeps her Buy rating and $124 price target on Hasbro.
11/03/17
DADA
11/03/17
UPGRADE
Target $12
DADA
Neutral
Mattel upgraded to Neutral from Underperform at DA Davidson
DA Davidson analyst Linda Bolton Weiser upgraded Mattel to Neutral from Underperform and kept her $12 price target following Q3 results. While the company suspended its dividend and saw a 51% decline in operating profit, the analyst is positive on the company's 2-year $650M cost reduction program and plans to reduce its product range. Weiser also notes the company is not facing any imminent liquidity issues given its credit ratings.
KKR KKR
$20.05

0.055 (0.28%)

10/16/17
GSCO
10/16/17
UPGRADE
GSCO
Buy
KKR upgraded to Buy from Neutral at Goldman Sachs
Goldman analyst Alexander Blostein upgraded KKR to Buy and raised its price target to $24 from $23 to reflect a more stable, improving mix of balance sheet investments, lower concentration in large public holdings, and increased mix towards private holdings.
10/16/17
10/16/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Apple (AAPL) was upgraded to Overweight from Sector Weight at KeyBanc and Pacific Crest. 2. Infinera (INFN) upgraded to Neutral from Sell at Citi with analyst Stanley Kovler saying the risk/reward is balanced with material downward revisions to estimates likely limited. 3. AstraZeneca (AZN) upgraded to Outperform from Neutral at Credit Suisse with analyst Rebekah Harper saying that after recent pipeline success for Tagrisso and Imfinzi, she sees a marked improvement in its strategic position in pricing power and replacement power. 4. KKR (KKR) upgraded to Buy from Neutral at Goldman Sachs with analyst Alexander Blostein citing a more stable, improving mix of balance sheet investments, lower concentration in large public holdings, and increased mix towards private holdings. 5. Groupon (GRPN) upgraded to Market Perform from Underperform at Cowen with analyst Thomas Champion saying he believes the shares currently look more attractive given the company's new management and cost controls, improved North America results, and balanced expectations for the second half of 2017. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/01/17
WELS
11/01/17
NO CHANGE
WELS
Wells Fargo dropping coverage of WebMD
Wells Fargo is dropping equity research coverage of WebMD (WBMD) following completion of the company's acquisition by Internet Brands, a KKR (KKR) portfolio company.
11/28/17
SDLR
11/28/17
INITIATION
Target $21
SDLR
Hold
KKR resumed with a Hold at Sandler ONeill
Sandler O'Neill resumed coverage of KKR with a Hold rating and $21 price target.
VNO Vornado
$77.07

0.08 (0.10%)

09/19/17
SDLR
09/19/17
NO CHANGE
Target $90
SDLR
Buy
Toys 'R Us bankruptcy filing has no impact on Vornado, says Sandler ONeill
Sandler ONeill analyst Alexander Goldfarb noted that Vornado has already written its one-third stake in Toys 'R Us down to zero and has no financial obligations to the toy retailer, which means Toys' bankruptcy filing has no impact. The analyst, who separately trimmed his 2017 and 2018 FFO estimates for Vornado by 3c and 1c, respectively, keeps a Buy rating and $90 price target on the stock.
12/04/17
EVER
12/04/17
DOWNGRADE
EVER
In Line
Vornado downgraded to In Line from Outperform at Evercore ISI
10/10/17
10/10/17
UPGRADE
Target $84

Overweight
Vornado upgraded to Overweight on improving NYC retail picture at Morgan Stanley
As previously reported, Morgan Stanley analyst Vikram Malhotra upgraded Vornado to Overweight from Equal Weight, as he points to tax data as evidence that rent increases, not e-commerce, are primarily responsible for retail vacancies in New York City and that a correction is "well underway." The analyst, who thinks Vornado's portfolio is more insulated from further rental declines than the market believes, raised his price target on Vornado shares to $84 from $78.
10/10/17
MSCO
10/10/17
UPGRADE
MSCO
Overweight
Vornado upgraded to Overweight from Equal Weight at Morgan Stanley

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$44.16

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WMT

Walmart

$95.99

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NFLX

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