Cowen Cuts Price Target on Glu Mobile (GLUU) Following 2Q EPS Beat

Cowen maintained an Outperform rating on Glu Mobile (NASDAQ: GLUU), and cut the price target to $8.00 (from $10.00), following Q2 earnings results. Non-GAAP revenue of $57.5MM was ahead of consensus $51.5MM. Non-GAAP EPS of $0.01 beat -$0.04 consensus.

Analyst Doug Creutz commented, "Glu reported solid upside to Q2 guidance and our estimates. However, the company reduced FY EBITDA guidance due to a couple underperforming titles, slipped release dates, and incremental costs. We continue to like shares, however we are lowering estimates today, and hence also our PT ($10 to $8). Reiterate Outperform rating."

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 $5.67 yesterday.

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