Lower XBox One Price Positive for GameStop (GME), Baird Says
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Baird analyst Colin Sebastian views news of the lower Xbox One price as a positive for GameStop (NYSE: GME).
Sebastian commented, "Today, Microsoft announced price cuts to Xbox One that we believe are geared toward improving the company's market position vs. Sony’s PS4. Specifically, Microsoft announced that all standard Xbox One 500GB consoles will be permanently lowered to $349, and the release of a new 1TB version that will retail for $399. We view the news positively for GameStop and game publishers as lower hardware prices ultimately will drive incremental higher margin software sales."
The firm reiterated an Outperform rating and price target of $50.00
For an analyst ratings summary and ratings history on GameStop click here. For more ratings news on GameStop click here.
Shares of GameStop closed at $43.05 yesterday.
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