JPMorgan downgrades Mattel stock to Underweight on investment year concerns

JPMorgan downgraded Mattel to Underweight, citing concerns that 2026 will be an “investment year” that could pressure near-term performance. The downgrade follows Mattel’s weak earnings and sales commentary, while other analysts (e.g., UBS) maintained more constructive views despite a Q4 miss and increased digital investment. The situation matters because it highlights uncertainty around Mattel’s margin and growth trajectory as management increases spending, influencing investor expectations and analyst positioning.