Game Stocks Up on Sales Data; GameStop Upgraded
Things are looking a little brighter for the video game industry this morning. Last night market research firm NPD Group reported a rebound in March game sales. It was the first time since last September that software sales rose year over year, according to Wedbush Securities analyst Michael Pachter.
And today, GameStop (GME), the industry’s dominant pure-play retailer, got an upgrade from BB&T Capital Markets.
BB&T analyst Anthony Chukumba upped his rating to Buy from Hold, with a $32 price target. “After a brutal 2009 and early 2010, we believe GameStop’s fortunes have taken a turn for the better,” he writes.
