Baird analyst Colin Sebastian says GameStop holiday results reflect "weaker category trends." Consistent with his prior field checks, the analyst notes that Black Friday/Thanksgiving-weekend promotions were heavier than anticipated, reflecting slow category sales of both hardware and software. Additionally, while growth trends somewhat improved in December, store traffic did not improve to the degree necessary to offset the November shortfall, he contended. Sebastian reiterated an Outperform rating on the stock, but lowered his price target on the shares to $24 from $25.