Citi Maintains 'Buy' Rating on GigaMedia (GIGM), Raises Price Target
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Citi maintains a 'Buy' rating on GigaMedia (Nasdaq: GIGM). Price target increased from $21 to $23.50.
Citi analyst says, "GigaMedia delivered a strong set of results, beating top and bottom, driven mainly by unexpected strong contribution from cross-selling casino software, seasonally strong FunTown business as well as surprisingly strong performance from T2CN...When compared to its Taiwan peers, GigaMedia is actually trading at a premium; however, due to more than half of its revenues being generated from outside of Taiwan, and given GigaMedia is moving more aggressively into the China market. As more than half of its business comes from high growth European online gambling business, we believe it justifies just a slightlt higher multiple than the pure China online games companies."
GigaMedia Limited (GigaMedia) is a holding company that develops and licenses entertainment software and provides application services, owns and operates an online games portal and provides broadband Internet access services through its subsidiaries. [SM]
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