Loop Capital analyst Anthony Chukumba cut his price target on GameStop to $12 from $15 after the company's board announced that it will no longer pursue a sale of the company, citing "the lack of available financing on terms that would be commercially acceptable to a prospective acquirer." In a research note to investors, the analyst says he is "not terribly surprised," as he views raising the necessary financing as a potential roadblock to going private, and believes "pre-LBO speculation" stock price levels are appropriate. Chukumba maintains a Hold rating.