Benchmark Cuts Price Target on Glu Mobile (GLUU) to $2.15; Reiterates Hold
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Oppenheimer Cuts Price Target on Workday (WDAY) Following 3Q; Reiterates Outperform
- ULTA Salon (ULTA) PT Raised to $290 at Stifel But Remains Sidelined
- Mizuho Securities Cuts Price Target on Express (EXPR) Following 3Q Miss
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, 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!