GameStop downgraded to Hold from Buy at Loop Capital - InvestingChannel

GameStop downgraded to Hold from Buy at Loop Capital

Loop Capital analyst Anthony Chukumba downgraded GameStop to Hold and cut his price target for the shares to $14 from $26. The shares closed yesterday up 20c to $12.82. While the company’s core video game business improved in fiscal 2017, its Technology Brands “dramatically underperformed,” and collectibles sales missed expectations, Chukumba tells investors in a research note. The analyst is concerned with GameStop’s declining sales and profitability in pre-owned and value video game products and believes management’s reluctance to repurchase stock “sends a worrisome signal to investors.” He sees a “lack of positive catalysts on the horizon” for the shares.