BofA/Merrill analyst Curtis Nagle downgraded GameStop to Neutral and lowered its price target $24 from $28 citing gaming weakness and low visibility. Nagle said GameStop's Q4 earnings beat was low quality driven by tax and disappointing FY17 earnings guidance and reduced his rating to reflect ongoing weakness in the core gaming business due to a peak in Xbox and PlayStation cycles, a view that VR and console upgrades are not enough to be material topline drivers, a weak software lineup, decreased earnings visibility, and expectations buybacks will not meaningfully accelerate.