- Nintendo (NTDOY -14.9%) shares plunge after the company reversed itself on projections, issuing guidance for a ¥35B loss in the FY ending March.
- Jefferies, however, raised its PT to ¥29K (shares currently trade at ~¥14.6K) and reiterated a Buy rating, noting that "Our Buy thesis on Nintendo has been predicated on the company missing the President's 'commitment' of ¥100b OP and being forced to change."
- Jefferies predicates its contrarian view on the notion that Nintendo's failure will force it to move into mobile: "We believe Mario on mobile is coming."
Nintendo plunges on warning, Jefferies takes contrarian position
Jan 17 2014, 11:23 ET