Hasbro Stock Momentum Re-Building: Reiterate Overweight; $111 Price Target

研报英文原文证据摘录

Hasbro Stock Momentum Re-Building: Reiterate Overweight; $111 Price Target

J P M O R G A N North America Equity Research

22 July 2026

Hasbro Overweight

HAS, HAS US

Stock Momentum Re-Building; Reiterate Overweight; Price (21 Jul 26):$88.78

$111 Price Target ▼Price Target (Dec-26):$111.00 Prior (Dec-26):$125.00

PM’s Take: strong step up the wall of worry with MTG growth persistent and

CP better; upside to margins likely as well. While always a key theme, second Retailing – Broadlines & Hardlines /

Leisurederivative investing has become a stronger theme in the market over the past two

years. The impressive growth in Wizards, led by Magic The Gathering, on strong Christopher Horvers, CFA AC

original content, a growing backlist catalog, its Universes Beyond strategy, and (1-212) 622-1316

christopher.horvers@jpmorgan.com

double digit door and user growth created proverbial “hard comparisons” with

HAS facing 42% and 86% sales comparisons in 3Q26 and 4Q26. The strong upside Christian Carlino, CFA

(1-212) 622-9145

to 2Q sales along with expected MSD core growth against that 4Q comparison (ex christian.carlino@jpmorgan.com

a $40MM shift) and confidence in the 2027 slate eased these concerns as MTG has

Jolie Wasserman

turned into a core compounding asset. When considered with prudent Consumer (1-212) 622-1961

Products revenue guidance, the entertainment slate, and mgmt right-sizing the jolie.wasserman@jpmchase.com

Exodus/Warlock margin headwinds in 2027, we believe the stock can regain its J.P. Morgan Securities LLC

momentum. Our updated $111 price target is based on 12x EV/EBITDA on our

2027 forecasts, representing 25% upside.

Key Changes (FYE Dec)

Key takeaways from the call and our follow-up with management: Prev Cur Δ

Adj. EPS - 26E ($) 5.82 6.17 6.1%