Wedbush analyst Nick McKay assumed coverage of Nintendo with an Outperform rating and 6,500 yen price target. Nintendo shares present a favorable risk-reward profile, and upcoming positive catalysts for the shares could include quarterly results and guidance changes, the grand opening of Super Nintendo World at Universal Studios Hollywood, The Super Mario Bros. Movie, and The Legend of Zelda: Tears of the Kingdom, the analyst tells investors in a research note. The firm sees the potential for Nintendo to increase production of the Switch into FY24, and provide a further lift to unit sales through modest price cuts.
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