Hasbro Inc (NASDAQ:HAS) shares were climbing Friday morning, with more analysts turning bullish on the stock.

The current consensus does not fully reflect the success of the company's digital gaming strategy with Monopoly Go!, according to BofA Securities.

The Hasbro Analyst: Alexander Perry upgraded the rating for Hasbro from Neutral to Buy, while raising the price target from $70 to $80.

The Hasbro Thesis: The company's Monopoly Go! game is likely to move away from minimum royalty guarantees in the second quarter and generate around $36 million in operating profits per quarter in the back half of the year, Perry said in the upgrade note.

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There are "signs of green shoots" for the company's consumer products business, following challenges in 2023, the analyst stated. "We now see healthy overall toy industry inventory levels while HAS management said that April sell-through was positive," he added.

Hasbro is poised for stronger momentum in 2025, benefiting royalties beyond minimum guarantees for Monopoly Go!, low-single-digit percentage growth in the consumer product business with the toy industry returning to more normalized levels and "a potential tailwind from a more favorable theatrical content slate," Perry further wrote.

HAS Price Action: Shares of Hasbro had risen by 5.19% to $61.03 at the time of publication on Friday.

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