Mattel Downgraded by Goldman Sachs: Assessing Valuation and Growth Concerns

Goldman Sachs downgraded Mattel (MAT) from Buy to Neutral due to concerns over muted revenue growth, weak cash profitability, and potential headwinds from tariffs and retailer sentiment. Mattel's recent share price gains and 15.0% 1-year total shareholder return suggest momentum, but the company's P/E of 15.4x is undervalued compared to its fair P/E estimate and peers in the leisure space.