Needham & Company Upgrades Glu Mobile (GLUU) to Strong Buy

Needham & Company upgraded Glu Mobile (NASDAQ: GLUU) from Buy to Strong Buy with a price target of $6.00 (from $5.00).

Analyst Sean McGowan comments, "Glu reported better than expected 1Q results as Deer Hunter and Eternity Warriors 3 remained strong and revenue diversity improved. As measured by revenue and EBITDA, this was the best quarter in Glu's history. While management only raised FY revenue guidance by the 1Q beat, we believe the release slate for 2H14 FY15 is the strongest in recent memory. The launch schedule calls for a Deer Hunter sequel, a new James Bond title, and a Diner Dash sequel from recently acquired PlayFirst. With higher visibility, improved monetization and operating leverage Glu appears well positioned for the next 18-plus months."

The firm maintained FY 2014 EPS at $0.02 but raised FY 2015 EPS from $0.20 to $0.25.

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 $4.00 yesterday.

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