- Glu Mobile (NASDAQ:GLUU) is up 6.2% after its Q2 earnings featured raised guidance for bookings, and with Cowen reiterating its Outperform rating on the stock in response.
- Cowen bumped its price target to $3.50 from $3, implying 20% upside.
- Canaccord Genuity, meanwhile, reiterated its Hold rating and $3 target (Glu is up to $2.91 today). While the company's bookings and implied EBITDA beat consensus and engagement hit a new record of 15%, monthly active users continued their year-over-year decline (albeit at a slower pace).
- The firm raised its estimates for bookings and EBITDA accordingly, but kept its target at a 1x multiple to its 2018 bookings estimate of $341M.