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2021-06-10

[Miser]

Baird says GameStop's turnaround plan remains a mystery, predicts 90% stock decline

The plan to turn beleaguered retailerGameStopinto an e-commerce powerhouse is still murky five month

Baird says GameStop's turnaround plan remains a mystery, predicts 90% stock decline

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They join board member and Chewy co-founder Ryan Cohen as high-level leaders at the company with e-commerce experience.\nHowever, the company declined to provide forward guidance and announced that it might sell up to 5 million shares. The stock was down in premarket trading Thursday.\nBaird analyst Colin Sebastian reiterated his neutral rating on the stock after the earnings report, saying that the eventual turnaround for the company plan remained unclear.\n“As GameStop’s board continues to shuffle the management deck, the goal to transform into a ‘technology’ company that delights gamers remains mostly a mystery, particularly as the video game industry accelerates the shift toward downloads, streaming and cloud services,” the note said. “No doubt the console transition period is providing a lifeline, but games are not dog food, and investors deserve more than memes to value a company’s fundamental, long-term prospects.”\nBaird has a price target of $25 per share for GameStop, more than 90% below where the stock closed on Wednesday.\nThe firm raised its estimates for the second quarter, but said that the recent boost from console sales wouldn’t last forever.\n“We are increasing our Q2 revenue and EPS estimates to reflect the favorable impact of easing console supply constraints; however, we are also slightly lowering our Q3 and Q4 estimates as some hardware demand will likely be pulled forward as availability improves faster than previously expected,” the note said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":145,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":7,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}