A slate of latest and upcoming TV and movie content material releases together with Minions and Barbie will buoy shares of Mattel, based on Goldman Sachs. Analyst Michael Ng upgraded Mattel to purchase from impartial, saying in a Sunday notice that the toymaker has a lot of promising developments in its pipeline. “In opposition to the backdrop of accelerating macroeconomic uncertainty, we consider that MAT stands out in benefiting from a number of firm particular demand drivers in TV & movie content material releases, the returning Disney Princess toy license in 2023, and new product innovation,” Ng wrote. Goldman Sachs raised the 12-month goal worth on the inventory to $31 from $30. The brand new worth goal represents 36% upside from Friday’s closing worth for the corporate. The analyst mentioned he has confidence that Mattel can ship on its 2022 steerage, particularly as toys are usually extra recession resistant purchases than others within the broader retail sector, exhibiting “staple-like qualities.” “We acquire confidence in MAT’s 2022 steerage for 8-10% fixed foreign money income progress and EPS of $1.42-$1.48 in addition to its 2023 objectives of HSD fixed foreign money income progress, EBIT margins of 16-17%, and EPS > $1.90,” the notice learn. —CNBC’s Michael Bloom contributed to this report.