GameStop (GME) PT Raised to $5.50 at Ascendiant Capital After Earnings
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Ascendiant Capital analyst Edward Woo raised the price target on GameStop (NYSE: GME) to $5.50 (from $4.00) after the company reported a top and bottom line miss. Revenue of $942 million (-27% y-o-y), missed consensus expectations of $1.01 billion while EPS of $(1.40) also missed consensus of $(1.17). In Q1, the company temporarily closed all 3,526 of its U.S. stores, with only ~65% conducting limited curbside pickup. During the final six-weeks of the quarter, ~90% were closed to customer access while only 42% remained open for limited curbside delivery and 48% fully closed.
The analyst maintained a Hold rating, stating "We are maintaining our HOLD rating, but raising our 12-month price target to $5.50 from $4.00, which reflects a P/E of ~22x our FY22 EPS estimate of $0.25. We believe that GameStop faces another pivotal year in FY20 to either prove its skeptics wrong or continue down a fairly steep slippery slope".
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