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Fly News Breaks for May 20, 2019
GME
May 20, 2019 | 07:47 EDT
Credit Suisse anayst Seth Sigman lowered his price for GameStop to $7 from $10 after evaluating the opportunity for the company to improve its profitability and create shareholder value. The analyst believes that GameStop's key loyalty drivers, Pre-owned and Power Up, are under pressure, and that its cost initiatives alone won't be enough to offset that. Sigman envisions bigger changes to its stores and product assortment, but that may take time and require more spending, still leaving forecasts at risk. He reiterates an Underperform rating on the shares.
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