The maker of Barbie, Hot Wheels and Fisher Price toys is seen as having a stable of brands that could grow at a rate better than the $9 share price indicates, analysts said.

``At $9 per share, Mattel's toy business is being given away,'' Larry Haverty, analyst at State Street Research, told the financial weekly. ``It's as if the market thinks Mattel will become extinct.''

Also, a credible replacement for the company's chief executive position, which Jill Barad left earlier this year, would give the stock a boost, Gerard Klauer Mattison analyst Sean McGowan told the financial weekly. William Rollnick is now acting chairman and Ronald Loeb serves as acting chief executive.

McGowan told the paper that he believes the stock's price is right, but he would wait until a chief executive is named before recommending the stock.

Both analysts told the paper that stock is vulnerable to a takeover, with the stock fetching as much as $18 a share in a hostile takeover.

Barrons said entertainment giant Walt Disney Co. could be among the potential acquirers.

In related news, Mattel has begun laying off Interactive Division employees as part of a previously announced restructuring of troubled operations that made up the company's old The Learning Company software subsidiary.

Mattel officials declined on Friday to say how many people will lose their jobs. The number was placed at about 500, or about 16 percent of The Learning Company work force, said sources familiar with the reorganization.

``We're not quantifying the layoffs at this point,'' said Mattel spokesman Glen Bozarth.

Mattel employs 31,000 people worldwide.

Mattel will close as many as 15 of 20 facilities, including sales offices, warehouses and other operations in California and other states, said one source, who spoke on the condition of anonymity.

[Updated 3/13/2000]