The bank upgraded the stock to buy from neutral on Monday, and increased its price target to $85 from $68.
BofA's new forecast now implies 37% upside from Friday's close. Analyst Jason Haas said he expects Hasbro to surpass analyst expectations for quarterly results on Thursday thanks to strong demand for the company's "Lord of the Rings" "Magic: The Gathering" card set, as well as an overall strong sentiment as Hasbro continues to incorporate third-party intellectual property into the "Magic" universe.
"We spoke with several local game stores , distributors, players, and collectors and were encouraged to hear strong excitement and demand for this set," Haas said. "Collector boxes are currently fetching over $400 on the secondary market and TCGplayer, one of the primary online marketplaces for Magic cards, shows nearly 3x more sell-through than the prior Magic set." Analysts polled by FactSet are forecasting adjusted earnings per share of 56 cents on $1.1 billion in sales.
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