Playing the waiting game with toymaker Hasbro (HAS - Get Report) continues to pay off. On Monday, Hasbro stock surged as much as 8.7%, netting its biggest one-day rise in more than a year after the nation's second-largest toymaker reported third-quarter earnings that cruised past analysts' expectations.

Known for popular toys and games such as Transformers and Monopoly, the Pawtucket, R.I.-based company reported a 57% surge in its girl-focused business, which helped offset the waning interest in sales of Star Wars toys. Revenue for girls' toys grew to $462 million, boosted by the company's timely deal to acquire the rights to Frozen dolls and Disney Princess dolls from Walt Disney (DIS - Get Report) .

For the quarter that ended in September, Hasbro posted net revenue of $1.68 billion, marking a 14% rise year over year and topping the $1.55 billion analysts were looking for. Third-quarter net income surged more than 24% year over year to $257.8 million, or $2.03 per share, easily surpassing estimates of $1.74 per share.

Hasbro stock closed Monday at $81.82, up 7.4%. It was trading at $80.86 early Tuesday.

The stock has a consensus buy rating and an average analyst 12-month price target of $87.50. Given the company's strong earnings results and momentum, Hasbro may not be done climbing.

According to research firm NPD, U.S. toy sales will rise another 7% by year's end. In all of 2015, U.S. toy sales rose less than 7%. Hasbro's third-quarter results, which serve as evidence for the continued resurgence in the toy industry, suggest that Hasbro is well-positioned to capitalize on that growth. It could benefit even more from the upcoming holiday shopping season, when about half of all toy sales are made.

Now's the time to own Hasbro stock. It could reach $90 by year's end. That's solid value, especially when combined with its 2.7% dividend yield.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.