Benchmark Boosts PT on Glu Mobile (GLUU), But Cautious on Slowing 'Deer Hunter' Sales

December 26, 2013 9:46 AM EST
Get Alerts GLUU Hot Sheet
Price: $2.29 +1.33%

Rating Summary:
    7 Buy, 8 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Benchmark maintains a Hold rating on Glu Mobile (Nasdaq: GLUU), but raised its price target from $3.07 up to $3.26.

Analyst Mike Hickey commented on recent developments with Glu Mobile. He notes that valuation on the company has been boosted from positive investor sentiment stemming from outstanding success with Deer Hunter, which likely exceeded management's expectations.

Hickey said, As we look forward, we suspect investors could position to take profit, as Deer Hunter performance has now begun to slip down the ranking charts as identified through AppAnnie store stats over a game pipeline that could prove challenged.

The analyst also noted two recent insider sales for Glu Mobile: CEO Masi de Niccolo sold 150,000 shares on December 23rd and insider Matt Ricchetti sold 25,000 on December 12th.

Notably, B. Riley downgraded Glu Mobile earlier in the week.

For an analyst ratings summary and ratings history on Glu Mobile click here. For more ratings news on Glu Mobile click here.

Shares of Glu Mobile closed at $3.93 Tuesday, with a 52 week range of $2.00 -$4.14.

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