.July 26, 2024 10:11:21 AM

Morgan Stanley’s analyst Megan Alexander has upgraded the price target for NASDAQ:HAS to $79, indicating a potential upside of 27.32% from the current price of $62.05. This adjustment reflects confidence in Hasbro’s future performance, particularly in its digital gaming segment.

Hasbro’s second-quarter earnings surpassed expectations, with a net income of $138.5 million driven by its digital gaming division. The company’s strategic focus on digital gaming and the Wizards of the Coast brand has contributed to its financial recovery and market confidence.

Despite an 18% decline in overall revenue, Hasbro’s digital gaming and Wizards of the Coast segments saw a 20% revenue increase, offsetting declines in other areas. The market has responded positively to Hasbro’s strategic direction, with shares rising over 4% following the earnings report.