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Fly News Breaks for July 15, 2019
GME
Jul 15, 2019 | 08:05 EDT
Loop Capital analyst Anthony Chukumba kept his Hold rating and $7 price target on GameStop, saying the company's plans to repurchase 12M shares of its common stock under a modified Dutch tender auction is a "sensible capital allocation" but does not change his view of it as a "show-me story". The analyst raises his FY19 EPS view on GameStop to $1.27 from $1.19 to reflect the impact, but maintains that the valuation on the stock is appropriate given the continued secular decline in its core video game business.
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