Ascendiant Capital Markets Reduces PT to $3 on Majesco Entertainment on Mixed Q2, Lower Guidance
Ascendiant Capital Markets reiterates its Buy rating on Majesco Entertainment (NASDAQ: COOL) and reduces its price target from $3.50 to $3.
Ascendiant Capital Markets says, "We believe that guidance for FY12 is achievable. However, we acknowledge that video game industry software sales have been weak throughout 2012 (down ~30% YTD in the U.S.), and are likely to remain so through the holidays as we are entering the end of the current console cycle. We have modeled modest unit assumptions for Majesco's upcoming games (an average of 250,000 units per title in Q4), which we believe is conservative."
COOL closed at $1.89 a share yesterday.
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