Needham & Company Maintains a 'Strong Buy' on Glu Mobile (GLUU); Smartphone Revenues Continue to Grow
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Price: $12.50 --0%
Rating Summary:
4 Buy, 14 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 14 | New: 51
Rating Summary:
4 Buy, 14 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 14 | New: 51
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Needham & Company maintains a 'Strong Buy' on Glu Mobile (NASDAQ: GLUU) price target of $8.00.
Analyst, Sean McGowan, said, "GLUU announced better-than-expected 1Q results; we are raising our FY estimates for ’12 as a result. Non-GAAP revenues rose 25.6% YoY to $21.6 mm, while we expected non-GAAP revenues of $17.5 mm. 1Q non-GAAP EPS were a loss of $0.01 versus our estimate of a $0.09 loss and consensus expectations of a $0.08 loss. Revenue growth was catalyzed by better-than-expected gains in smartphone revenues, which grew 158% YoY on a non-GAAP basis to $17.4 mm. The company continues to see gross margin expansion (88.4% in 1Q ‘12 vs. 77.8% in 1Q ’11) as a greater proportion of its product portfolio features original IP; all 2012 releases feature owned content."
For an analyst ratings summary and ratings history on Glu Mobile click here. For more ratings news on Glu Mobile click here.
Shares of Glu Mobile closed at $4.61 yesterday.
Analyst, Sean McGowan, said, "GLUU announced better-than-expected 1Q results; we are raising our FY estimates for ’12 as a result. Non-GAAP revenues rose 25.6% YoY to $21.6 mm, while we expected non-GAAP revenues of $17.5 mm. 1Q non-GAAP EPS were a loss of $0.01 versus our estimate of a $0.09 loss and consensus expectations of a $0.08 loss. Revenue growth was catalyzed by better-than-expected gains in smartphone revenues, which grew 158% YoY on a non-GAAP basis to $17.4 mm. The company continues to see gross margin expansion (88.4% in 1Q ‘12 vs. 77.8% in 1Q ’11) as a greater proportion of its product portfolio features original IP; all 2012 releases feature owned content."
For an analyst ratings summary and ratings history on Glu Mobile click here. For more ratings news on Glu Mobile click here.
Shares of Glu Mobile closed at $4.61 yesterday.
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