11:48 AM EDT, 06/14/2024 (MT Newswires) -- Hasbro's ( HAS ) digital gaming success with Monopoly Go! has not been fully accounted in consensus forecasts for the company, BofA Securities said in a Friday note.

"We do not believe consensus forecasts are fully accounting for the success of HAS' digital gaming strategy with Monopoly Go! and expect the game to move off minimum royalty guarantees in 2Q, before generating ~$36mm in operating profit contribution per quarter in 2H," the report said.

BofA said it now expects 10% upside to Q2 and 9% upside to 2024 EPS estimates.

The investment firm also said that there are indications of green shoots for Hasbro's ( HAS ) consumer products segment.

"We think the consumer products division continues to show signs of recovery following challenges in 2023," the note said. "We now see healthy overall toy industry inventory levels while HAS management said that April sell-through was positive."

BofA upgraded Hasbro ( HAS ) to buy from neutral and increased its price target to $80 from $70.

Hasbro ( HAS ) shares were rising past 5% in recent trading.

Price: 61.18, Change: +3.15, Percent Change: +5.44