Brean Murray Carret Cuts Price Target on Changyou.com (CYOU) to Go Inline With Soft Guidance

Brean Murray Carret & Co. is maintaining its Buy rating on shares of Changyou.com (NASDAQ: CYOU) following solid Q4 result, while reducing its price target from $32 to $29 due to weaker than expected Q1 guidance.

The company's Q4 results came in above the Street's consensus and its Q1 revenues guidance of $130-$134 million was inline, but managements EPS guidance of $1.08-$1.12 was below the consensus of $1.19.

An analyst at the firm comments, "In our view, while the company core game group, especially TLBB, is still holding up, the company is in need of new game titels for sustainable growth down the road."

Brean Murray Carret forecasts Q1 earnings of $1.10 per share and lowered its FY12 estimate from $5.36 to $4.58. The firm also set its FY13 estimate at $4.95.

For an analyst ratings summary and ratings history on Changyou.com click here. For more ratings news on Changyou.com click here.

Shares of Changyou.com closed at $25.31 yesterday, with a 52 week range of $20.71-$52.00.

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Brean Murray Carret & Co., Earnings

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