Benchmark Cuts Price Target on Glu Mobile (GLUU) to $2.15; Reiterates Hold
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Benchmark maintained a Hold rating on Glu Mobile (NASDAQ: GLUU), and cut the price target to $2.15 (from $2.32), following the company's 3Q report. Sales were reported as $52M, compared to guidance of $50M – $52M, ahead of the Street's $51M. For 4Q the company reduced their core sales range to $38M to $40M from $40M – $45M. The Street estimate was $43M.
Analyst Mike Hickey commented, "We view the Company’s risk / reward valuation profile balancing neutral; benefiting from a reasonably strong track record for creating and sustaining hit games, potential restructuring program, mobile market growth, planned release of celebrity games, strong balance sheet, on-going valuation reset, recently announced share repurchase plan and compelling strategic partnerships with Hollywood, Celebrities and Tencent; offset by elevated execution risk from under-performing recent game releases now somewhat realized and a meaningful negative reset to our performance growth expectations. Short interest has increased 5% from the last quarter, now 13 days average volume."
Shares of Glu Mobile closed at $1.93 yesterday.
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