Wells Fargo Initiates Coverage on THQ Inc. (THQI) with a Market Perform
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Wells Fargo initiates coverage on THQ Inc. (Nasdaq: THQI) with a Market Perform. Price range $5-6
Wells analyst says, "We are impressed by management's recent actions to right-size the business and to successfully launch two high-profile new IPs--Red Faction Guerilla and UFC Undisputed--during FY2010. However, with a lack of proven hits for FY2011, a difficult retail environment, and uncertainty surrounding several large partnerships, we believe a wait-and-see approach is warranted pending further evidence the company can drive more sustainable revenue growth over the reduced cost base...Few near-term catalysts...FY2011 shows promise, but execution remains key...Restructuring should drive profits as growth returns...Consumer weakness the key concern."
"With a lack of proven hits in the near-term release slate, we think it's too early to consider a constructive stance on THQ. However, we believe THQ's more-focused strategy and restructuring initiatives position the company to deliver better growth and leverage as the economy improves."
To see all the upgrades/downgrades on shares of THQI, visit our Analyst Ratings page.
THQ Inc., together with its subsidiaries, engages in the development, publishing, and distribution of interactive entertainment software for various game systems worldwide.
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