Hasbro Inc. (HAS) Earnings Review: Momentum in Magic set to continue into 2027; Increasing estimates & PT

Hasbro reported 3Q26 results that beat across revenue ($1,595M vs. $1,479M consensus), operating profit ($517M vs. $385M consensus), and adjusted operating profit ($541M vs. $385M consensus), driven by top-line momentum, a favorable mix toward Magic: The Gathering ($616M vs. $449M consensus), and cost productivity; results would have beaten even excluding ~$55M of tariff refunds. Management raised 2026 guidance for revenue growth to 7-9% YoY CC (from 5-7%), adjusted operating margin to 27-28% (from 25-26%), and adjusted EBITDA to $1.575B-$1.625B, and doubled the FY2026 share repurchase target to an implied $400M. We raise 2026+ revenue by 2-3%, AOP by more than 8%, and EPS by more than 9%, reflecting the higher FY2026 outlook and greater confidence in WOTC growth. We maintain Buy and raise our 12-month price target to $126 from $115, implying 17% upside including a ~3% dividend yield, based on an equal-weighted average of 19.0x 2027E P/E and 12.3x 2027E EV/adjusted EBITDA.