GameStop (GME) PT Raised at Baird Post Q4

April 1, 2013 8:41 AM EDT Send to a Friend
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Baird's Colin Sebastian raised his price target on Outperform-rated GameStop (NYSE: GME) from $28 to $31 following Q4 results and potential upside to 2013 guidance.

"While GameStop continues to face a combination of cyclical and secular pressures, we believe management is actively managing the company through a difficult transition period, and the company should benefit from new console launches in late 2013," Sebastian said. "We also believe there is some upside potential to 2013 guidance from successful launches of two new platforms."

The firm reduced estimates in-line with the company's new outlook. Q1 revenue and EPS estimates move to $1.85 billion and $0.40 from $1.92 billion and $0.50, respectively. F2013 revenue and EPS estimates moves to $8.4 billion and $2.95, from $8.9 billion and $3.10, respectively. The firm is also introducing 2014 EPS target of $3.40 reflecting a console cycle upswing beginning in November.

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 $27.97 yesterday.


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