Benchmark Cuts Price Target on GameStop (GME) Following Pre-Announced 3Q
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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.
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