Baird Raises Price Target on GameStop (GME) to $54 Following 7c EPS Beat
Baird reiterated an Outperform rating on GameStop (NYSE: GME), and raised the price target to $54.00 (from $50.00), following the company's 2Q15 earnings report. GameStop reported Q2 revenues of $1.76B above consensus estimate of $1.73B. EPS of $0.31 beat consensus by 7c. Full-year CSS and EPS midpoints were raised to 4.5% and $3.76 from 3.5% and $3.73, respectively.
Analyst Colin Sebastian commented, "As expected, GameStop reported solid Q2 results, with new store formats and categories helping to smooth performance in a seasonally slower period for video games. Management continues to execute well on diversification efforts, and despite meaningful EPS upside, we continue to view guidance as prudently conservative. Maintain Outperform rating on raised $54 price target."
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Shares of GameStop closed at $46.20 yesterday.