Needham & Company Maintains a 'Strong Buy' on Glu Mobile (GLUU); Second Half Profits Seen Skewed
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Price: $2.57 -2.28%
Rating Summary:
8 Buy, 2 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 16 | New: 13
Rating Summary:
8 Buy, 2 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 16 | New: 13
Trade GLUU Now!
Needham & Company maintains a 'Strong Buy' on Glu Mobile (NASDAQ: GLUU) price target of $8.00.
Analyst, Sean McGowan, said, "GLUU reported 2Q earnings in line with preliminary results announced last week. (All figures are in non-GAAP unless otherwise noted) Revenues rose 35% YoY to $24.2mm and smartphone revenues grew 111% to $20.4mm. GM expanded 1040 bps to 91.4% of sales thanks to an increasing portion of internally developed IP. EPS were breakeven for 2Q with an EBITDA of $0.02 per share. GLUU announced the acquisition of GameSpy, a cross-platform technology company, which management expects will help future revenues. We have left our 2012 EPS estimate at breakeven, but we have raised our loss estimate for 3Q, offset by a higher profit estimate for 4Q." (FY13 EPS estimate cut from $0.16 to $0.12)
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 $4.66 yesterday, with a 52 week range of $1.80-$5.90.
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Analyst, Sean McGowan, said, "GLUU reported 2Q earnings in line with preliminary results announced last week. (All figures are in non-GAAP unless otherwise noted) Revenues rose 35% YoY to $24.2mm and smartphone revenues grew 111% to $20.4mm. GM expanded 1040 bps to 91.4% of sales thanks to an increasing portion of internally developed IP. EPS were breakeven for 2Q with an EBITDA of $0.02 per share. GLUU announced the acquisition of GameSpy, a cross-platform technology company, which management expects will help future revenues. We have left our 2012 EPS estimate at breakeven, but we have raised our loss estimate for 3Q, offset by a higher profit estimate for 4Q." (FY13 EPS estimate cut from $0.16 to $0.12)
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 $4.66 yesterday, with a 52 week range of $1.80-$5.90.
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