GameStop (GME): 2Q Could Be Weak, It Would Be A Buying Opportunity - Baird
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Baird analyst, Colin Sebastian, reiterated his Outperform rating on shares of GameStop (NYSE: GME) ahead of earnings on August 25. He also tweaked estimates to account for slightly lower new hardware and software sales in Q2/Q3 largely offset by with higher Q4 estimates. Q2 is seasonally soft but there should be solid video game category sales in the months ahead with a healthy software slate and new hardware/VR SKUs.
Recognizing that there may be weakness after earnings the analyst stated "we would be buyers on GME on any weakness ahead of the seasonal ramp, while longer-term diversification initiatives provide option value"
No change to the price target of $42.00.
Shares of GameStop closed at $30.15 yesterday.
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