Why Hasbro Stock Popped Today

Hasbro, Inc. HAS shares traded higher Tuesday after a B of A Securities analyst raised its price target on the stock.

What To Know: B of A Securities analyst Jason Haas maintained Hasbro with a Buy and raised the price target from $85 to $90.

Haas was optimistic about the launches of Monopoly Go and Baldur's Gate 3 by Hasbro and the royalty revenue collected from them.

Monopoly Go has made $200 million in revenue since its launch, generating $3.7 million per day in August, while Baldur's Gate 3 sold 2.5 million units during early access and reached a peak of 875,000 concurrent players on Steam, making it the ninth highest ever. The analyst estimated that these two games could contribute considerably to Hasbro's earnings per share in the fourth-quarter 2023, on through 2024.

Haas also urged investors to acknowledge the company's 'potential to generate high-margin licensing revenue from its strong IP library.'

Haas concluded by citing upside risks such as better-than-expected content lineup driving toy demand and downside risks such as continued downturn in consumer spending.

Additionally, Hasbro gained Tuesday after Macy's said it anticipates a strong holiday for toys.

Related Link: Why Urban Outfitters Stock Is Rising After Hours

HAS Price Action: Shares of HAS were down 7.05% at $67.71 in the after-hours session at the time of publication, according to Benzinga Pro.

Image by SAIYED IRFAN A from Pixabay