Hasbro's Stock Jumps After Analyst Upgrade Ahead Of Star Wars Toys Launch

Hasbro Inc.'s stock surged 2.7% in midday trade Wednesday, after the toy maker was upgraded at Piper Jaffray analyst Stephanie Wissink, who said the recent price weakness has provided investors an opportunity to buy ahead of the unveiling of Star Wars toys on Friday. Wissink raised her rating to overweight from neutral, and set a stock price target of $85, which is 14% above current levels. Through Tuesday, the stock had lost 13% since the July 20 record close of $83.15, compared with the S&P 500's 10% drop. Walt Disney is making toys associated with the upcoming "Star Wars: The Force Awakens" film available for sale at major retailers on Sept. 4. "Preliminary indications are positive, and we think [Hasbro] shares will trade increasingly on channel chatter surrounding Star Wars," Wissink wrote in a note to clients. She said the recent selloff in the stock has created a "favorable near-term entry point" as the buzz and momentum that is likely to follow the Star Wars toy launch could last for several weeks.