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GLUU - Glu Mobile downgraded at Goldman after rally ahead of tough comps

Glu Mobile Inc.
Ahead of difficult comps due to the pandemic's gaming boom, Goldman Sachs downgrades Glu Mobile (GLUU) from Buy to Neutral and lowers the price target from $10.90 to $10.40.Analyst Michael Ng notes that GLUU shares are up 13% since the firm added it to the America's Buy List last September. The S&P 500 was up 8% in the same period.Ng expects Glu to benefit from continuing game momentum, new game launches like Deer Hunter World and Tap Sports Fishing, and "capital allocation opportunity."But Goldman's 2021 bookings estimate of $548M is below the consensus $615M due to the comps challenge.GLUU shares are down 1.6% pre-market to $9.76.Last month, Glu received a price target boost at Morgan Stanley during the firm's 2021 gaming forecast.

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Glu Mobile downgraded at Goldman after rally, ahead of tough comps
Stock Information
Company Name: Glu Mobile Inc.
Stock Symbol: GLUU
Market: NASDAQ
Website: glu.com
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