UPDATE: Sterne Agee Raises PT on GameStop to $30 (GME)

Sterne Agee is out with its report today on GameStop GME, raising its PT from $26 to $30. In a note to clients, Sterne Agee writes, "We are raising our 12-month target price on shares of GME from $26 to $30 based on slightly under 10x our CY12 (FY13) EPS estimate of $3.10. This is up from our prior forward target P/E of around 8.5x our CY12 (FY13) EPS estimate." Sterne Agee maintains Buy on GME. Shares of GME closed Wednesday at $25.36.