Mattel Upgraded To Buy From Neutral At B. Riley

Shares of Mattel Inc. were upgraded to buy from neutral at B. Riley on Monday, with analysts expressing confidence in the ability of new CEO Chris Sinclair to restore the toymaker's fortunes. "New CEO Chris Sinclair has an impressive background and has said he is focused on a rapid turnaround and has a "clear game plan," analysts wrote in a note. "We think sentiment can improve from here and raised our target P/E from 15x to 16x and our price target from $26.00 to $27.25, based on 16x 2016E EPS of $1.70." Mattel shares were inactive in premarket trade but are down 27% in the year so far, while the S&P 500 has gained 0.4%.