Oppenheimer Reports GameStop Sales Stay Solid

According to Oppenheimer, GameStop GME sales stay solid. Oppenheimer reported that it looks favorably upon the better-than-expected Q4 (Jan.) results and upbeat initial FY11 (Jan. 2012) guidance that Gamestop reported today. “Recent trends suggest that GME continues to capitalize upon still solid demand trends within the video game sector using both its well established network of retail stores and its growing digital effort. Market sentiment toward GME remains decidedly negative. The tone of management we believe is turning more constructive. We are optimistic that GME will further articulate its plans to embrace digital distribution of video game products at its upcoming analyst meeting. Our Perform rating reflects our concern that GME is unlikely to garner a premium multiple with longer-term market jitters so solidly entrenched.” GameStop closed yesterday at $21.11.