UPDATE: Credit Suisse Lowers PT On GameStop Ahead Of Holiday Sales Report

In a report published Wednesday, Credit Suisse analyst Seth Sigman reiterated a Neutral rating on GameStop Corp. GME, but lowered the price target from $44.00 to $42.00. In the report, Credit Suisse noted, “We are not expecting any major surprises relative to recent industry data points, but we are adjusting our estimates slightly to reflect comps of -2.6%, at the lower end of the guidance range (-5 to 2%) and consensus of 0.7%. That primarily reflects lower hardware revenue as the November NPD report showed, while our software estimate hasn't changed, as we assume it is modestly positive. Our EPS goes to $2.11 for Q4, $3.46 for 2014, and our TP goes to $42.” GameStop closed on Tuesday at $33.69.