UPDATE: Ascendiant Capital Markets Downgrades Majesco Entertainment to Neutral on Hazy Outlook
Ascendiant Capital Markets downgraded Majesco Entertainment Company (NASDAQ: COOL) from Buy to Neutral and removed the price target of $2.00.
Ascendiant Capital Markets commented, "We are becoming more cautious on Majesco's entry into social and mobile gaming. The company released several internally developed social and mobile games in FY12, but most have underperformed. The company is continuing its investment in this business, but is pulling back resources. At the same time, social and mobile games are reducing consumer demand for Majesco's Wii, DS, and 3DS games. … Due to the company's weak and uncertain outlook and with its share price near $1, we believe the shares are likely range bound within a volatile range over the near term."
Majesco Entertainment closed at $1.06 on Monday.
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