THQ: Is the Stock Now Too Cheap?

Have THQ (THQI) shares gotten too cheap?

That’s the underlying question in a research note this morning from Citigroup’s Brent Thill. On the surface, he hardly sounds positive. Thill maintains a Hold rating, and cut his price target to $3 from $5.50. He also trimmed his EPS estimate for the March 2010 fiscal year to 29 cents, from 39 cents. Thill notes as well that there is “little buzz” at this point about THQ’s pending launch of the games Red Faction and Darksiders. But he says there is good buzz building for its upcoming UFC game, and that its game, Warhammer 40,000: Dawn of War II, is selling well.

Meanwhile, Thill writes that the company’s studio restructuring realigns costs without cutting into its “top development muscle.”

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