2024-04-08 20:45:08 ET
Summary
- Nintendo Q3 results caused upward forecast revisions on surprising hardware success.
- The OLED model is gaining in the mix and helping profits. IP royalty revenue was strong this year too.
- However, by forecasts and clear management admissions, the long-in-the-tooth Switch is leading to peaking growth.
- The more Western strategies to enhance Nintendo value are being recognised by markets. Given peaking growth, we think it's discount barrel time with Sega.
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Nintendo: Continued Growth May Be Difficult (Rating Downgrade)