Glu Mobile (GLUU) PT Raised to $11 at Benchmark

May 8, 2020 9:11 AM EDT
Get Alerts GLUU Hot Sheet
Price: $12.50 --0%

Rating Summary:
    6 Buy, 14 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 18 | Down: 12 | New: 23
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Benchmark analyst Mike Hickey raised the price target on Glu Mobile (NASDAQ: GLUU) to $11.00 (from $10.00) while maintaining a Buy rating.

The analyst commented, "GLUU delivered better than expected F1Q20 performance, initiated a massive F2Q20 view versus consensus and raised their FY20 guidance. Shelter in place virus containment strategy has boosted players, engagement and monetization of GLUU's games. GLUU found lower CPIs since Mid-March that enabled to accelerate investment in their game portfolio and support the launch of Disney Sorcerer's Arena. Growth games exceeded our expectations, led by Tap Sports Baseball that grew an astonishing 21% in the quarter. We anticipate an ongoing in-home entertainment trend will benefit GLUU's game portfolio including growth games Tap Sports Baseball, Design Home, Covet Fashion, catalog games including Kim Kardashian: Hollywood and new games including Diner DASH Adventures and Disney Sorcerer's Arena. GLUU successfully extended their licensing deal with Kim Kardashian through FY23; the game was up 25%. We are excited GLUU will become more active in the M&A market, where they have a track record of driving accretive deals. GLUU ended F1Q20 with $115M in cash."

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