GameStop (GME): Cutting Ests and PT After Preannouncement - Baird
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Baird analyst, Colin Sebastian, reiterated his Outperform rating on shares of GameStop (NYSE: GME) but cut his price target to $25 from $40 after adjusting estimates to reflect slower-than-anticipated ramp in HW/SW sales.
These new estimates reflect elevated near-term risks around sell-through of key holiday titles and new console hardware. Recent field checks had indicated mixed pre-order levels for key holiday titles through October, although promotional activity should drive holiday demand. On the bright side, Tech Brands and Collectibles sales appear stable, and free-cash-flow targets are intact.
Shares of GameStop closed at $20.93 yesterday.
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Related EntitiesRobert W Baird
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