What Happened?
Shares of toy and entertainment company Hasbro (NASDAQ: HAS) jumped 5.8% in the afternoon session after the company received an upgrade from Goldman Sachs, which cited benefits from its popular "Magic: The Gathering" card game.
Goldman Sachs upgraded Hasbro's stock to "Buy" from "Neutral," and set a price target of $85, suggesting a potential 15% upside from its recent price. This optimistic view is supported by a broader positive sentiment from Wall Street, with a consensus "Buy" rating from analysts.
The shares closed the day at $76.99, up 4.3% from previous close.
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What The Market Is Telling Us
Hasbro’s shares are not very volatile and have only had 8 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.
Hasbro is up 36.6% since the beginning of the year, and at $77.09 per share, has set a new 52-week high. Investors who bought $1,000 worth of Hasbro’s shares 5 years ago would now be looking at an investment worth $1,032.
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