Benchmark Cuts Price Target on GameStop (GME) Following Pre-Announced 3Q
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
Benchmark maintained a Sell rating on GameStop (NYSE: GME), and cut the price target to $20.11 (from $20.67), following the company's pre-announced financial performance and 2016 guidance. The Company reported total sales of $1.959B, down 3% from the prior year. The Company’s Hardware and Software sales were down 21% and 9%, respectively, and represented 46% of the Company’s total sales.
Analyst Mike Hickey commented, "On 11/02, based on weaker than expected new software and hardware sales, the Company pre-announced preliminary disappointing financial performance and lowered fiscal ’16 guidance; the midpoint of their new fiscal ’16 EPS range was a 15% reduction from Benchmark’s estimate. The Company’s diversification efforts are not offsetting core segment deterioration, as digital continues to drive market share, in our view."
Shares of GameStop closed at $25.82 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- M&T Bank (MTB) PT Raised to $165 at FBR Capital Following 4Q Beat
- Skyworks Solutions (SWKS) PT Raised to $105 at Oppenheimer Following 1Q Report
- JPMorgan Cuts Teva Pharma (TEVA) to Neutral Amid Challenging Generic Environment
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!