Glu Mobile (GLUU) Numbers Trimmed at Piper Jaffray Post Q2; 'Overweight' Maintained

Piper Jaffray analyst Michael Olson trimmed estimates and his price target on Glu Mobile (NASDAQ: GLUU) to $8.50 (from $9.00) following strong Q2 results but a lower EBITDA outlook. The firm maintained an Overweight rating.

Olson commented, "Glu reported a strong Q2, beating consensus based on a better than expected trajectory of Kim Kardashian: Hollywood (KKH), which maintained an average rank of #27.2 on iOS throughout Q2'15 (vs. #18.5 in Q1 and current rank of #12) and strength of Tap Sports Baseball and Cooking Dash. The company maintained the mid-point of FY15 revenue guidance for 2015, but reduced EBITDA guidance; the '15 outlook now calls for $0.17 on revenue of $275M at the mid-points compared to consensus at $0.22 on $278.6M. The reduction in EBITDA guidance is related to the shifting of several titles from Q3 into Q4 and from 2H'15 into 1H'16 as the company looks to provide adequate spacing between various celebrity title launches and re-works certain games to incorporate new celebrity signings."

The firm trimmed FY 2015 EPS from $0.22 to $0.17 and maintained FY 2016 EPS at $0.29.

For an analyst ratings summary and ratings history on Glu Mobile click here. For more ratings news on Glu Mobile click here.

Shares of Glu Mobile closed at $5.67 yesterday.

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