Wedbush Morgan Upgrades GameStop (GME) to Buy
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Wedbush Morgan upgrades GameStop (NYSE: GME) from Hold to Buy. Price target $43.50
Wedbush analyst says, "GameStop shares have declined significantly since April, as investors appear concerned that decelerating comp growth indicates slowing earnings growth. We disagree with this concern. As hardware pricing inevitably declines, it will be difficult for the company to deliver greater than single digit comps going forward. We believe that concerns about slowing comps led to the conclusion that video game sales will stall, significantly pressuring GameStop’s share price. We believe that current valuation is compelling as we expect the company to deliver earnings leverage in FY:09 and FY:10 as margins continue to expand."
GameStop Corp. (GameStop) is a retailer of video game products and personal computer (PC) entertainment software.
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