GameStop Corp. (NYSE: GME) has seen shares downgraded at Goldman Sachs this morning. The brokerage firm cut its already cautious Neutral rating down to a new Sell target. The stock target is $50.00, implying a downside of 12%.
Part of Goldman Sachs’ call is the relative outperformance with gains of 30% since March 10, whereas the S&P 500 is up roughly 9%. Another issue is a perceived industry deceleration from its current peak.
This also follows the resignation of President Steven Morgan on Friday, which will be effective May 2, 2008.
GameStop shares are indicated down about 3.5% this morning at $54.70. Its 52-week trading range is $32.31 to $63.67and its market cap before the drop was nearly $9.2 Billion.
Jon C. Ogg
April 21, 2008
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