Hasbro's stock (HAS) jumped 12% in early trading after the release of the first-quarter results, hitting nearly $65 a share. In the last year, Hasbro stocked peaked in September at nearly $73 a share, slumping in November to a little over $43 a share.

UBS analyst Arpiné H. Kocharyan reiterated a buy rating on the stock and said Hasbro’s profit margins were higher than expected as its Wizards of the Coast unit outperformed. The business includes the games Dungeons & Dragons as well as Magic the Gathering.

Hasbro reported a smaller-than-expected drop in first-quarter sales and handily beat profit estimates on Wednesday, helped by leaner inventories and steady digital gaming revenue, sending its shares up 12% in early trading.

The maker of Transformers action figures and Monopoly board games said it swung to a profit, even as revenue fell.

Hasbro Inc. shares rose as much as 11%, the biggest intraday gain since April 2023, after the toymaker reported first-quarter earnings that beat estimates, a promising sign for the company’s turnaround efforts.

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