Goldman Sachs Downgrades Changyou.com (CYOU) to Neutral
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Price: $10.74 --0%
Rating Summary:
3 Buy, 10 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 14 | New: 11
Rating Summary:
3 Buy, 10 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 14 | New: 11
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Goldman Sachs downgraded Changyou.com (NASDAQ: CYOU) from Buy to Neutral with a price target of $28 (down from $45) following Q4 results which showed online game revenue grew 6% sequentially and Q1 was guided to be flattish.
The firm notes investments are weighing on margins.
Goldman lowered 2012/13E/14E EPS estimates by 15%/21%/21%, on lower online game revenues, but higher product development costs on more aggressive headcount additions.
For an analyst ratings summary and ratings history on Changyou.com click here. For more ratings news on Changyou.com click here.
Shares of Changyou.com closed at $25.31 yesterday.
The firm notes investments are weighing on margins.
Goldman lowered 2012/13E/14E EPS estimates by 15%/21%/21%, on lower online game revenues, but higher product development costs on more aggressive headcount additions.
For an analyst ratings summary and ratings history on Changyou.com click here. For more ratings news on Changyou.com click here.
Shares of Changyou.com closed at $25.31 yesterday.
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