Piper Jaffray Downgrades Giant Interactive (GA) to Neutral
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Piper Jaffray & Co. downgrades Giant Interactive (NYSE: GA) from Buy to Neutral. Price target lowered from $11 to $6.
Piper analyst says, "We do not recommend GA stock at this time. Our downgrade of GA stock is based
on: 1) weak gaming trends on key games; 2) reducing CY08 and CY09 sales and earnings; 3) visibility on new revenue model is clouded; 4) pipeline remains limited; 5) guidance is lacking; and, 6) visibility on game execution remains at risk. In our opinion, the company should have considered a pre-release of its sales and earnings given the gravity of the changes."
The Gap, Inc. is a global specialty retailer operating retail and online stores selling casual apparel, accessories, and personal care products for men, women and children under the Gap, Old Navy, Banana Republic, and Piperlime brands.
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