Fly News Breaks for September 24, 2019
Sep 24, 2019 | 20:14 EDT
DA Davidson analyst Franco Granda initiated Glu Mobile with a Buy rating and a price target of $8. The analyst cites the company's position as "one of the leading developers of free-to-play mobile games" and sees the stock as one of the best ways to "play the growing $70B mobile gaming market." Granda further notes that Glu Mobile shares' risk reward is now attractive as the stock price has moved back to early 2018 levels even though the company is in a "better fundamental position" and is expected to generate "more robust" cash flows. The analyst sees the Glu Mobile growth story as being in its "early innings", anticipating an earnings ramp in the coming years.
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