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Mattel shares could be poised for rebound: Barrons
NEW YORK |
NEW YORK (Reuters) - Shares of toy maker Mattel Inc MAT.N, which are hovering near a 52-week low after a series of recalls of products made in China, may be poised to rebound, according to a report in the November 5 edition of Barron's financial newspaper.
Mattel shares closed at $20.50 on the New York Stock Exchange on Friday, but could climb to 30 over the next 12 months, according to analysts quoted in Barron's.
"The bottom line is right here," Oppenheimer analyst Linda Bolton Weiser said. She believes the Mattel stock could rebound 50 percent over the coming year as parents and investors regain confidence in the company rocked by the recalls that hit it and other toy makers.
More than 20 million toys made in China have been recalled worldwide over the past four months due to dangerous lead levels and other hazards.
T. Rowe Price fund manager Ira Carnahan told the newspaper that he too believes Mattel shares are at an attractive price.
He said the stock now has "very limited downside" and ample room to run, according to Barron's. "It doesn't need a sensational year, just a good year," Carnahan said.
(Reporting by Bill Berkrot)
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