BB&T Lifts Target on GameStop to $42 as E3 Unveilings by Microsoft, Sony Should Give Investors Some Relief

BB&T Capital's Anthony Chukumba boosted his price target on shares of GameStop (NYSE: GME) from $40 to $42 following the unveilings of both Microsoft's (NASDAQ: MSFT) Xbox One and Sony's (NYSE: SNE) PlayStation 4 at E3. The analyst maintains a Buy rating on shares of GameStop.Chukumba noted said the response out of E3 confirmed his "already-bullish outlook” on the next cycle of console gaming. The analyst was also positive on the fact that Microsoft and Sony will not be completely disowning their previous generation consoles. Chukumba sees the Xbox 360 and PS3 serving as "value alternatives” to the the Xbox One and PS4, respectively.With GameStop shares down 2 percent to $36.96 at last check, Chukumba's new price target implies potential upside of about 14 percent.