Ordinary shares of Nintendo (JP: 7974) gained 2.3% to ¥35,100 ($36.78 ADR equiv. at ¥119.3/$1) Friday -- their second heaviest trading day in a month and highest close since the end of January. Nintendo has gained 4% in the past two days following news of its upward revised FY (ended Mar. 31) forecast.
Nintendo established an all-time high on Feb. 1, trading as high as ¥35,900 ($37.62 ADR equiv.) intra-day, but it closed at ¥34,950.
There was an interesting development Friday when two securities firms issued differing views on Nintendo.
First, Nikko-Citi actually downgraded it to "2H" from "1H", citing limited market share gains expected for the Wii in North America. Consequently, it said it does not see much more upside for Nintendo. (Source: FISCO Japan)
Secondly, Macquarie Securities raised its target for Nintendo to ¥50,000 ($52.39 ADR equiv.). This is by far the most aggressive target share price it has received. Based on Friday's close in Tokyo, it represents potential upside of 42.5%. (Source: Yahoo! Finance Japan)
Nintendo's ADRs (OTCPK:NTDOY) trading on the pink sheets closed Thursday up 3.1% to $36.75, one dollar below their 52-week (read all-time) high of $37.25.
Nintendo reports Q4 and FY earnings on April 26.
Disclosure: The author does not own shares of Nintendo.
Nintendo (JP: 7974) one-year chart (as of Apr. 05, '07):