Goldman Sachs Cuts Price Target, Estimates on Mattel (MAT)

Early on Monday, analysts at Goldman Sachs lowered their price target on toy manufacturer Mattel, Inc. (MAT) to reflect reduced earnings estimates due to a downturn in U.S. trends.

The analysts maintain a “Neutral” rating on MAT, but now see shares reaching $38, down from the previous target of $39. This new price target suggests an 11% downside to the stock’s Friday closing price of $42.55.

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A Goldman Sachs analyst noted, "We lower our 2013-15 EPS estimates to $2.52/$2.63/$2.83 ($2.54/$2.70/$2.90) to reflect a downturn in recent US trends, offset in part by the weaker USD. This suggests no EPS growth in 2013 after a strong run 2010-12. We lower our P/E and DCF-based 12 month price target by $1 to $38 to reflect our lower estimates. Our Neutral rating is unchanged."

Mattel shares were down $1.06, or 2.49%, during morning trading on Monday. The stock is up 13.03% year-to-date.