UPDATE: Oppenheimer Raises PT on GameStop on Unique Market Position

In a report published Tuesday, Oppenheimer analyst Brian Nagel reiterated an Outperform rating on GameStop Corp. GME, and raised the price target from $50.00 to $60.00. In the report, Oppenheimer noted, “GameStop has recently represented one of our top picks within the Hardlines Sector. In our view GME is uniquely well positioned to capitalize upon the forthcoming launches of Microsoft Xbox One and Sony Playstation 4 and related software. Shares have performed well lately. Many clients are now asking, where does GME go from here? We have reviewed data points and stress-tested our GameStop model. Our conclusion: GME still has room to move higher. Street EPS forecasts for GameStop remain too conservative, in our view. Shares continue to trade at a meaningful discount to the valuations of other leading hardlines retailers, and multiples achieved in prior product cycles. Our new $60 price target (up from $50) suggests upside of more than 25% from current levels.” GameStop Corp. closed on Monday at $47.70.