Brean Murray Downgrades GigaMedia (GIGM) to Hold
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Brean Murray downgrades GigaMedia (Nasdaq: GIGM) from Buy to Hold.
Brean Murray analyst says, "We are moderating our online gambling revenue estimates for 2Q09, FY09 and FY10, given the challenging traffic trends in our tracking efforts. Further, we believe given the tweaks in the timing of new content releases in Asia, our previous 2Q09 revenue estimate for Asian online games may be a bit aggressive. At the same time, we remain optimistic on the potential for Asian Online games revenue in 2H09 and FY10 once Warhammer and NBA Street Online are released.
Further, we are rethinking our 1Q09 operating margin assumptions to include potential severance payments into our GAAP EPS estimates. We are now projecting $214 million in FY10 revenue and $0.64 in pro forma EPS ($0.60 in GAAP EPS). Though we believe the stock may a warrant higher valuation if the company executes on the sale of its online gambling business, we believe recent appreciation takes that somewhat into account, while the timing and the structure of any transaction remains uncertain."
GigaMedia Limited (GigaMedia) is a holding company that develops and licenses online gaming software and provides application services, owns and operates an online games business, and provides broadband Internet access and services.
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