GameStop (GME): Mixed Results But Looking Ahead To Hardware Refresh - Baird
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Baird analyst, Colin Sebastian, reiterated his Outperform rating on shares of GameStop (NYSE: GME) after the company reported mixed Q2 results with in-line EPS and below-consensus revenues. The weakness came from the drop-off of HW sales in June/July. Lower used product margin along with video game market share losses highlight ongoing secular headwinds; however, better-than-expected "Tech Brands" and Collectible sales/margins were positives.
Looking ahead, the analyst expects improving seasonal trends, with added benefits from HW launches (including PlayStationVR) and recent AT&T reseller acquisitions. The price target drops to $40.00 from $42.00.
Shares of GameStop closed at $32.16 yesterday.
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