Telsey Advisory analyst Joseph Feldman keeps an Underperform rating and $30 price target on GameStop shares after the company announced that first quarter-to-date sales were up about 11% year-over-year and that it has increased the size of its existing at-the-market program to up to $1B from $100M, but will offer no more than 3.5M shares. The analyst, who said the sales update was “essentially in line” with the FactSet consensus estimate for the whole quarter, but above his own Q1 sales growth estimate, has raised his estimates for Q1 and for 2021 and 2022 following this morning’s news. Feldman also said the company’s decision to increase the size of its ATM program is “understandable” given the stock’s current valuation, which he said “far exceeds our rosy fundamental expectations and projected multi-year benefits from the strategic transformation.”