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Brokers - Jefferies upbeat on Barbie maker

Jefferies is raising estimates on Barbie maker Mattel (NYSE: MAT)and rates shares a 'buy' targeting US$30.

Brokers - Jefferies upbeat on Barbie maker
Barbie is a Mattel brand...

Jefferies is raising estimates on Barbie maker Mattel (NYSE: MAT)and rates shares a 'buy' targeting US$30.

Yesterday, the toy group posted a surprise increase in quarterly net sales - the first in more than two years, as sales of its Barbie dolls recovered and demand rose for its Hot Wheels toys.

Jefferies says Barbie and Fisher Price may be turning a corner but challengers in other properties "linger".

The same broker says 'hold' on food service provider Sysco (NYSE: SYY) targeting US$45 after it yesterday reported second quarter EPS of $0.48, up from $0.41 in the previous year, beating consensus.

Jefferies noted: "Despite greater deflation and cont'd FX headwinds, the company eked out modest overall sales growth on better than-expected case volumes (notably Local).

".... we maintain our Hold rating as valuation has been inflated by the arrival of an activist and investors looking for safety in a 3% dividend yield."

Quick facts: Mattel

Price: $10.73

Market: NASDAQ
Market Cap: $3.71 billion
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