UPDATE: Piper Jaffray Upgrades GameStop Corporation to Overweight on Near-Term Fundamentals

Piper Jaffray upgraded Gamestop Corporation (NYSE: GME) from Neutral to Overweight and raised the price target from $23.00 to $28.00.

Piper Jaffray commented, "GME faces long-term secular headwinds, but we are positive on near-term fundamentals (post a lackluster '12 holiday) due to what we expect will be a strong 1H'13 software release slate. Additionally, "bad news" of Wii U missing expectations is behind us. Also, certainty of GTA and next gen console existence and timing is firming up. Based on these factors, we are upgrading GME to OW. Regarding 1H'13 software, the period appears set up to be better than current consensus thinking."

GameStop Corporation closed at $23.50 on Thursday.

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