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Fly News Breaks for May 17, 2019
May 17, 2019 | 05:16 EDT
Piper Jaffray analyst Michael Olson attributes the 18% selloff since Glu Mobile reported Q1 earnings on May 6 to a combination of concern around competitive user acquisition and profit taking ahead of new game launches. The analyst, however, believes the company has incorporated conservative assumptions into fiscal 2019 guidance related to both the impact of competitive user acquisition on Design Home, as well as contribution from new titles coming out over the coming months. If there is one risk, it would be a "low percentage chance" that Disney Sorcerer's Arena could be delayed beyond the August launch timing as the company continues its work on balancing the in-game economy, Olson tells investors in a research note. He believes the Glu Mobile selloff may provide a good entry point ahead of new game launches and keeps an Overweight rating on the shares with a $12 price target.
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