Giant Interactive: After Weak Guidance, Citi Downgrades - Eric Savitz (Barron's)

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Giant Interactive: After Weak Guidance, Citi Downgrades
Aug 19, 2009 05:44 PM UTC

Eric Savitz (Barron's)

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Via BARRONS.com: Tech Trader Daily - Barron's Online:

Giant Interactive (GA), which yesterday reported a giant Q3 guidance shortfall, now has one less giant financial institution rooting it on.

Citigroup analyst Alice Yap this morning cut her rating on the China-based online games company to Hold from Buy, slicing her target price to $8.60, from $9.50. She writes that the company’s weak outlook reflects three factors:

The impact of new China currency regulations.

Weaker-than-expected traction of its latest expansion pack for its ZT Online game.

Lack of new revenue drivers in absence of new game launches.

GA today is down 22 cents, or 2.8%, to $7.52.

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