HAS: Third Q1 Update Every Bit as Impressive, but Reiterated Guide, Cyber Shift, and H2 Questions Weigh

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HAS: Third Q1 Update Every Bit as Impressive, but Reiterated Guide, Cyber Shift, and H2 Questions Weigh

Equity Research

Price Target Change — May 20, 2026

Leisure

Hasbro, Inc.

Third Q1 Update Every Bit as Impressive, but Reiterated Equal Weight

Guide, Cyber Shift, and H2 Questions Weigh Price Target: $92.00

Notable Changes

Our Call $ (Dec) Current Prior % Chg

HAS' Q1 update was every bit as impressive as partly revealed in recent weeks but Price Target $92.00 $98.00 -6.1%

reiterated guidance (some expected raise), Q2 pressure (cyber shift), and added H2 EPS 2026 5.85 5.75 1.8%

complexity (commods) are weighing today. Remain sidelined on a choppier setup ahead. Rev. (MM) 2026 4.92B 4.90B 0.5%

Rev. (MM) 2027 5.10B 5.08B 0.5%

Q1 Every Bit as Strong as Q Suggested: Adj. EPS of $1.47 was well ahead of the $1.20

consensus, which drifted higher on two prior partial updates (orig $0.98 ahead of the Ticker HAS

pre-announcement). Top-line beat and flow-through was even better than expected on Upside/(Downside) to Target 1.7%

an adjusted basis (GAAP disclosed in Q last week) with adj. EBIT margin rising 360bps y/

Price (05/20/2026) $90.49y to a new high on favorable mix and cost progress. WOTC cont'd to drive upside, while

performance in CP segment lagged (rev ~flat; EBIT margin -240bps y/y). 52 Week Range $64.74 - 106.98

Market Cap (MM) $12,958

Magic Continues to Make Exactly That: It's difficult to downplay impressive momentum Enterprise Value (MM) $15,693

in the MTG business at the moment (Q1 rev +36% y/y). Lorwyn became the best-selling Average Daily Value (MM) $157

premier set of all-time and most engaged on organized play, TMNT was at/better than Dividend Yield 3.1%

expects, Q1 backlist on its own would have been the third largest year in MTG history, and