UPDATE: Ascendiant Capital Markets Reiterates Buy Rating, Raises PT on GameStop

In a report published Friday, Ascendiant Capital Markets reiterated its Buy rating on GameStop Corp.

, and raised its price target from $23.00 to $29.00. Ascendiant Capital noted, “We believe that attractive valuation and strong cash flow generation should offset concerns. GameStop has a new $500 million share repurchase program (based on today's share price, this may have a potential EPS impact of up to $0.70/year). GameStop's dividend ($0.25/share per quarter) is attractive as this equates to an annualized yield of 4%.” GameStop Corp. closed on Thursday at $24.21.