Citi analysts upgraded shares of Nintendo (OTC:NTDOY) to Buy from Neutral ahead of its Q1 results, raising the price target on the stock to ¥8,100 from ¥6,200 (¥1 = $0.0069) in a note to clients Thursday.
The analysts told investors that they are looking for Nintendo profit growth amid the transition to new hardware.
"We have had many chances to meet with Nintendo management, including CEO Shuntaro Furukawa. These meetings have prompted changes in our thinking about new hardware, and we lift our OP forecast for the period of transition to the new hardware," they explained.
The firm also believes the discount previously typical of a platform company is no longer appropriate.
"We had thought software sales would be weak in the final phase of the Switch lifespan and that the shares could decline after Q1 results (when we expect a significant OP decline)," the analysts added. "However, we now see a greater chance that any decline after Q1 results will be limited and temporary."
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