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‘Magic: The Gathering’ card game can boost Hasbro by 45%, Jefferies says

Chaim Potok by Chaim Potok
April 25, 2023
in Investing
‘Magic: The Gathering’ card game can boost Hasbro by 45%, Jefferies says
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Hasbro shares could see big gains thanks to the growth of the “Magic: The Gathering” card game, according to Jefferies. The firm reiterated a buy rating on Hasbro with a $75 price target on Monday. That target implies upside of 45% from Monday’s close of $51.73 per share. “Now a $1B brand, [Wizards of the Coast] has effectively segmented MTG players & increased product output to better match the ways consumers engage with the cards and their willingness to spend,” Jefferies analyst Andrew Uerkwitz said. Wizard’s of the Coast, the Hasbro subsidiary that houses “Magic: The Gathering” products, has posted steady growth despite headwinds such as the Covid-19 pandemic in 2020. Jefferies highlighted WOTC’s ability to successfully rollout attractive “Magic: The Gathering” products that appeal to both novice and die-hard fans of the card game. Uerkwitz added that MTG will continue to grow thanks to intellectual property branching out to new players, an increase in spending per player and sparking the interest of lapsed players once again. “Expanding MTG’s media presence with TV, video games, and social media content creators are ways we expect WOTC to increase touch-points with both new and returning consumer,” he said. Hasbro shares have been under pressure this year, losing 15.2%. Last year, the stock dropped 40%. HAS YTD mountain Hasbro will continue to yield success thanks to the growth of Magic: the Gathering, Jefferies says. — CNBC’s Michael Bloom contributed to this report.



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