Wedbush Morgan Upgrades Majesco Entertainment (COOL) to Buy
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Wedbush Morgan upgrades Majesco Entertainment Co. (Nasdaq: COOL) from Hold to Buy with a $2.50 price target. The firm said liquidity and operational execution are greatly improved.
Analyst Michael Pachter said, "The company appears to be in a position of sustainable profitability, and its liquidity is much improved. The company filed a $20 million mixed shelf registrations, making it more likely that it can access the capital markets as needed, and have sufficient liquidity to deliver sustainable growth in the future."
The firm also noted Q2 revenue was much better than expected and the company raised FY09 revenue guidance while maintaining EPS guidance.
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