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
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
