Hasbro, Inc. (NASDAQ:HAS) traded higher on Wednesday as investors reacted to fresh analyst optimism and a new entertainment licensing deal.
The toy and games company also unveiled a major studio collaboration.
Roth Capital analyst Eric Handler reiterated a Buy rating on Hasbro stock. He raised his price forecast from $96 to $105 following improved franchise momentum.
New Licensing Deal
Hasbro announced a licensing partnership with Amazon.com, Inc.’s (NASDAQ:AMZN) Amazon MGM Studios. The agreement supports merchandise tied to an upcoming live-action film.
The collaboration centers on the Voltron brand. Hasbro will develop toys, action figures and roleplay products inspired by the movie.
Management said the deal aligns with Hasbro’s experience managing long-standing entertainment franchises.
“Voltron’s long and rich history strategically aligns with our portfolio of iconic 80s brands,” said Tim Kilpin, president of toy, licensing and entertainment. “Our collaboration with Amazon MGM Studios will further strengthen the franchise’s longevity and unlock new opportunities to engage both longtime fans and new audiences alike,” Kilpin added.
The Voltron movie is directed by Rawson Marshall Thurber. He also contributed to the story and screenplay. The screenplay credits include Ellen Shanman alongside Thurber. Several production companies support the project.
The film stars Henry Cavill, Sterling K. Brown, Alba Baptista and Rita Ora. Producers include Todd Lieberman of Hidden Pictures and David Hoberman of Hobie Films.
Hasbro continues monetizing intellectual property through film, television and consumer products.
Hasbro shares have surged over the past year. According to Benzinga Pro, the stock has gained more than sixty percent. Investors seeking diversified exposure can track Hasbro through the iShares Large Cap Core Active ETF (NASDAQ:BLCR).
HAS Price Action: Hasbro shares were up 1.43% at $96.01 at the time of publication on Wednesday. The stock is trading at a new 52-week high, according to Benzinga Pro data.
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