Benchmark Cuts Price Target on Glu Mobile (GLUU) to $2.15; Reiterates Hold

November 10, 2016 8:07 AM EST
Get Alerts GLUU Hot Sheet
Price: $2.24 +0.45%

Rating Summary:
    7 Buy, 8 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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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."

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 $1.93 yesterday.

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