GameStop Corp. (GME) – Bull of the Day
Source: http://www.zacks.com/commentary/9716/GameStop+Corp.+%28GME%29+-+Bull+of+the+DayPosted on Sunday, January 11th, 2009 | In Stocks to Watch
On January 8, GameStop Corp. (GME) reported robust sales for the holiday season. For the period of Nov 2 to Jan 3, GameStop’s sales increased 22.3% with comp-store sales of 10.3%.
Given the macro headwinds negatively affecting the retail sector, GameStop’s results are even more impressive. More importantly, GameStop upped its earnings guidance for the fourth quarter and expects to earn $1.31-$1.34 per share.
We think the company’s results demonstrate that video game sales will continue to hold up better than other areas of retail during this challenging environment. With GME shares trading at less than 8x our 2008 EPS estimate, we maintain our Buy rating and $34 target price.
“GME” Free Stock Analysis: Buy? Sell? Hold?
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