Hasbro's (HAS) unchanged full-year guidance does not signal slowing momentum in the second half, UBS Securities said, adding it still sees "sizable upside" to the company's fiscal year outlook driven by strength in Magic and gaming.

The brokerage said in a Wednesday note that investors are focused on implied deceleration in Magic after strong Q1 performance and unchanged guidance but added that both Hasbro owned IP and backlist demand have come in ahead of management expectations.

UBS said its Magic: The Gathering checks indicate strong underlying demand for Secrets of Strixhaven released on April 24, and added this does not imply deceleration in MTG trends.

The investment firm said Hasbro's stock reaction presents an "attractive buying opportunity," citing a solid execution story with likely multiple inflections ahead.

UBS reiterated its buy rating with a $110 price target.

Shares of Hasbro were up 2.5% in Thursday trading.

Price: 90.81, Change: +2.21, Percent Change: +2.49