GameStop (GME): Notes From The Road - Macquarie
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Rating Summary:
3 Buy, 11 Hold, 8 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 13 | New: 17
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Macquarie analyst, Ben Schachter, reiterated his Outperform rating on shares of GameStop (NYSE: GME) after taking management on the road to meet investors on 10/13. The analyst remains positive on GME going into the holiday season, when he expects the video game business to perform in-line and believe investors are increasingly interested in GME’s diversification efforts.
Management remains dedicated to cash returns and expects to buy back $76- 125mm stock in the back half of the year, and in meetings reiterated their commitment to annual dividend increases as well as returning excess cash to shareholders via buybacks.
The analyst believes the stock is still attractive based on its cash generation profile and valuation, however near-term title launches will be key for FY’16.
No change to the price target of $36.
For an analyst ratings summary and ratings history on GameStop click here. For more ratings news on GameStop click here.
Shares of GameStop closed at $25.47 yesterday.
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