Jefferies Upgrades GameStop (GME) to Buy; 'Cycle Trade Is On'
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Jefferies analyst Stephanie Wissink upgraded GameStop (NYSE: GME) from Hold to Buy with a price target of $8.00 (from $7.00).
The analyst comments "Following a hosted call with mgmt, we are upgrading shares to Buy. We maintain a disciplined approach to our thesis as the story isn't without risk, but offers asymmetric reward in the near term. Q4 kick-starts the next gen console cycle and we expect GME to win big & early - financing & trade-in options, high attach rates, AAA title line-up, peripherals, CRM and digital value streams are all advantages; costs addressed & cash adequate. $8 PT + upside."
Shares of GameStop closed at $6.09 yesterday.
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