Wedbush Upgrades THQ (THQI) to Neutral; Recent Weakness Reflects Investor Expectations
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Wedbush upgrades THQ (Nasdaq: THQI) from Underperform to Neutral. Price target cut by $1 to $6.
Wedbush analyst says, "THQ’s recent financial performance has been volatile (Q2 EPS and revenue above expectations, but no increase to guidance). We believe that the stock’s recent weakness adequately reflects investor expectations of a return to modest profitability. Investors appear to no longer fear imminent bankruptcy, and they appear to accept that THQ faces an uphill challenge to growing its revenues and profits in the future...The company expects to deliver revenue in the second half that is “similar” to the revenue it generated in the second half of FY:09. Our model is conservative, with revenues down 3% in the back half with a better lineup. The company’s cost structure suggests that it can be profitable over final two quarters, even with higher marketing. The arbitration win against JAKKS Pacific positions THQ to generate year-over-year EPS growth of $0.08 due to lower royalty payments for the balance of the year."
To see all the upgrades/downgrades on shares of THQI, visit our Analyst Ratings page.
THQ Inc. (THQ) is a worldwide developer and publisher of interactive entertainment software for all game systems, including home video game consoles, such as Microsoft Xbox 360, Nintendo Wii, Sony PlayStation 3 and Sony PlayStation 2; handheld platforms, such as Nintendo Dual Screen, Sony portable entertainment system (PSP system) and wireless devices, and Personal computers (including games played online).
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