Bernstein analyst Robin Zhu upgraded Nintendo to Outperform from Market Perform. While 2023 was “one of the best years ever for new AAA game launches,” most video game stocks fell in the second half of the year as investors worried the industry could struggle with waning launch cycles and tough comps, the analyst tells investors. While the latter will remain an issue in the first half of 2024, the firm generally thinks the set-up over the whole of 2024 will “more supportive for share price performance,” the analyst added.
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