Mattel Beats Estimates In 4Q, Citi Maintains Estimates

Citigroup has published a research report on Mattel, Inc. (NASDAQ: MAT) after the company reported 4Q EPS that beat consensus estimates.

In the report, Citigroup writes "MAT reported EPS of 89c vs. FC of 86c. We est a favorable tax rate may have benefited EPS by 3c. Sales were $2.12n (or up 9%) vs. FC of $2.09bn. The results were particularly encouraging given likely lowered investor expectations (recently lowered investor expectations due to negative toy financial news flow at Target, as well as HAS and LF preannouncements). Importantly, the published consensus ests haven't changed much in the last month or two, despite the negative news flow that likely negatively impacted investor sentiment. Strong performance at several brands drove the upside, including WWE, Thomas and Friends, Toy Story, Barbie, Monster High, Disney Princess and Sing-a-ma-jigs."

Citigroup maintains its Buy rating and $30 price target.

Mattel Inc. closed yesterday at $24.15.