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July 10, 2019, 2:53 p.m. EDT

Nintendo Switch Lite announcement earns gaming stock an upgrade

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By Emily Bary

Wedbush analyst Michael Pachter upgraded Nintendo Co. Ltd. shares /zigman2/quotes/208063194/delayed JP:7974 -1.15% to outperform from neutral on Wednesday, following the company's announcement of the Nintendo Switch Lite, which will sell for $200 and become available on Sept. 20. U.S.-listed shares /zigman2/quotes/201616881/delayed NTDOY -0.83% have rallied 4.2% in Wednesday trading. "We expect the introduction of the Nintendo Switch Lite to drive hardware and software sales well above FY:20 guidance, and maintain the company's positive momentum into FY:21," Pachter wrote. He cited the device's "compelling form factor and color set" as well as its lower price point. "The timing of the release appears favorable given that it is roughly two months ahead of Black Friday, and occurring at a time when sales of the PS4 and Xbox One should ramp down ahead of the console refreshes from Sony and Microsoft at holiday 2020, giving Switch Lite a roughly fourteen month head start," he wrote. Nintendo shares have gained 37% so far this year, while the TOPIX index /zigman2/quotes/210598092/delayed JP:180460 -0.13% has risen 5.2%.

/zigman2/quotes/208063194/delayed
JP : Japan: Tokyo
¥ 38,610.00
-450.00 -1.15%
Volume: 1.42M
Oct. 18, 2019 3:00p
P/E Ratio
25.74
Dividend Yield
1.97%
Market Cap
¥4599.40 billion
Rev. per Employee
¥217.41M
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/zigman2/quotes/201616881/delayed
US : U.S.: OTC
$ 44.44
-0.37 -0.83%
Volume: 179,507
Oct. 18, 2019 3:59p
P/E Ratio
26.52
Dividend Yield
1.70%
Market Cap
$42.35 billion
Rev. per Employee
$1.95M
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/zigman2/quotes/210598092/delayed
JP : Tokyo Exchange (TOPIX)
1,621.99
-2.17 -0.13%
Volume: 0.00
Oct. 18, 2019 3:00p
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