GameStop Corp. (GME) witnessed a remarkable surge of 5.04% in its stock price on Monday, riding on the wave of a bullish earnings outlook and a coveted upgrade to the Zacks Rank #1 (Strong Buy) rating.
The video game retailer's stock price rallied as analysts revised their earnings estimates upwards, reflecting improved confidence in the company's underlying business performance. This positive sentiment was further bolstered by GameStop's elevation to the top 5% of Zacks-covered stocks in terms of estimate revisions, signaling its potential for market-beating returns in the near term.
For the fiscal year ending January 2025, GameStop is now expected to earn $0.08 per share, marking a significant 33.3% increase from the previous year's reported number. Notably, the Zacks Consensus Estimate for the company has surged a staggering 700% over the past three months, underscoring the market's growing optimism about GameStop's future prospects.
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