Piper Jaffray Maintains 'Buy' Rating on Giant Interactive (GA), But Lowers Price Target
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Piper Jaffray maintains 'Buy' rating on Giant Interactive (NYSE: GA), but lowers price target from $18 to $11.
Piper analyst says, "Today marks the first reduction to estimates since the company went public last year. Due to lack of monetization of Giant Online and changes to ZT Online in-game monetization features, we expect revenue will track below our original plan. Additionally, we see operating expenses increasing due to higher R&D spend; and increased S&M spend on ZT and Giant Online."
Giant Interactive Group Inc. (Giant Interactive), formerly Giant Network Technology Limited, is an online game developer and operator.
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