Mattel has a bright future ahead as it rides the residuals of the Barbie movie's success, according to Citi.
The stock climbed nearly 22% from the end of June into July, aided by hype around the Barbie movie released in July.
MAT YTD mountain Mattel YTD chart Despite this rally, analyst James Hardiman thinks there are more gains ahead stemming from Mattel's balance sheet deleveraging.
"The company's focus on increasing profitability has resulted in over $1.25B in cost savings since 2018 with an additional ~$50M expected in 2H23.
Of course, this increasing profitability has directly resulted from Mattel's strong industry-leading position – and the unprecedented success of the Barbie movie.
Persons:
Barbie, James Hardiman, –, Michael Bloom
Organizations:
Mattel, Citi, MAT
Locations:
2H23