Jefferies analyst Stephanie Wissink downgraded GameStop to Hold from Buy after the company concluded its efforts to pursue a sale without a deal. With the market stripping out the premium for a takeout, the upside case for the stock over the next 12 months is more limited, Wissink tells investors in a research note. The stock in morning trading is down 26%, or $3.98, to $11.50. Going forward, the analyst expects GameStop will pursue accelerated store closures, cost reductions, and shares buybacks. With a "healthy balance sheet, the company has time," Wissink contends. However, until a new CEO is named, the analyst does not see "significant tactical actions that would shore up meaningful value for shareholders."