NTDOF - Nintendo up 2% as Wedbush boosts target on software strength

Nintendo (NTDOY +1.6%) is back up in U.S. trading today, part of a three-day shuffle of stock moves, after bullish Wedbush boosted its price target on a review of a "solid" holiday for the videogame maker. Nintendo saw benefits on both sides of its business, analyst Michael Pachter says - with hardware rivals Sony and Microsoft still facing part-supply issues, and software competitors failing to impress with their holiday season. (Check out what would have been a nasty quarter for Activision Blizzard if not for Microsoft's acquisition deal.) In its earnings report, Nintendo beat consensus on top and bottom lines thanks to some software momentum along with some ¥15 billion in foreign-exchange gains, Pachter notes. That drove higher revenues, and profits benefited from a mix shift toward software as well. Switch software sell-in came in at 85.4 million vs. 75.85 million the prior year. While Nintendo cut its hardware shipping

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Nintendo up 2% as Wedbush boosts target on software strength