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Fly News Breaks for August 2, 2019
Aug 2, 2019 | 05:23 EDT
Piper Jaffray analyst Michael Olson lowered his price target for Glu Mobile to $7 from $12 and maintains an Overweight rating on the shares. While the company reported "solid" Q2 results, fiscal 2019 bookings and adjusted EBITDA guidance were lowered "well below" consensus due to weakness in WWE Universe and the delay of Disney Sorcerer's Arena to Q1 of 2020, Olson tells investors in a research note. However, while this "latest challenge" will likely test the company's credibility and investor patience, the stock now reflects these issues and the setup for 2020 is "compelling," contends the analyst.
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