Piper Jaffray Assumes Coverage On GameStop With Neutral Rating

According to Piper Jaffray, GameStop GME coverage is assumed with a Neutral rating. Piper Jaffray said that it is assuming coverage of GME with a Neutral rating and $27 PT based on 8.5x our CY12E EPS of $3.14. “GameStop will report July quarter results in mid August and, despite our optimism around recent initiatives, we do not expect near-term upside, given exposure to packaged goods.” GameStop closed on Friday at $26.93.