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Fly News Breaks for August 2, 2019
Aug 2, 2019 | 07:37 EDT
Benchmark analyst Mike Hickey lowered his price target on Glu Mobile to $8 from $14 after the company "greatly reduced" its FY19 outlook due to the push out of Disney Sorcerer's Arena, weaker than expected performance from WWE Universe and higher marketing spending. Glu has had strong success in M&A, said Hickey, though he does not see any near-term pivot to being more opportunistic about deals and he doesn't think Glu plans to repurchase shares. However, he keeps a Buy rating on Glu shares.
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