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HASBullishResearch Analysisnews

High materiality8/10

BNP Sees Hasbro Upside From Magic The Gathering Growth and Margin Expansion

Jun 24, 2026, 2:47 PM EDT1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

A major broker outlook with a specific target and margin thesis can lift near-term sentiment and provide a price catalyst if acknowledged by other investors; similar past upgrades by BNP have moved HAS shares when the thesis is credible.

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What happened, with direct paths to the underlying reporting

BNP Paribas argues Hasbro’s Magic: The Gathering Universes Beyond is underappreciated, driving higher margins and a growing flywheel. They project about 85% incremental gross margins on Magic and earnings growth through 2026-27, implying the stock’s roughly 10x EBITDA multiple understates the evolving business mix.

BNP bullish on Hasbro; Magic: Universes Beyond fuels growth.
Incremental gross margins on Magic around 85%. Earnings growth seen for 2026-27.
Stock trades near 10x EBITDA. Price target $117.
Marvel and Hobbit releases expand Universes Beyond; potential X-Men tie-ins.
Universe Beyond could attract 20-30% of buyers to future sets.

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