A slate of recent and upcoming TV and film content releases including Minions and Barbie will buoy shares of Mattel, according to Goldman Sachs. Analyst Michael Ng upgraded Mattel to buy from neutral, saying in a Sunday note that the toymaker has a number of promising developments in its pipeline. "Against the backdrop of increasing macroeconomic uncertainty, we believe that MAT stands out in benefiting from several company specific demand drivers in TV & film content releases, the returning Disney Princess toy license in 2023, and new product innovation," Ng wrote. Goldman Sachs raised the 12-month target price on the stock to $31 from $30. The new price target represents 36% upside from Friday's closing price for the company. The analyst said he has confidence that Mattel can deliver on its 2022 guidance, especially as toys are typically more recession resistant purchases than others in the broader retail sector, exhibiting "staple-like qualities." "We gain confidence in MAT's 2022 guidance for 8-10% constant currency revenue growth and EPS of $1.42-$1.48 as well as its 2023 goals of HSD constant currency revenue growth, EBIT margins of 16-17%, and EPS > $1.90," the note read. —CNBC's Michael Bloom contributed to this report.