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Fly News Breaks for August 24, 2016
GME
Aug 24, 2016 | 08:21 EDT
BofA/Merrill recommends buying GameStop on any potential weakness following the Q2 report on Thursday. Analyst Curtis Nagle trimmed Q2 estimates to 25c from 27c given limited title releases and a demand pullback ahead of several new console launches starting in August. Nagle would use any weakness from soft results as a buying opportunity given Q2 is the lowest volume quarter, with limited read through, and the fall has a solid software lineup and console upgrade cycle. The analyst has a Buy rating on GameStop and lowered his price target to $35 from $37.
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