Why Nintendo Stock Flew Higher on Friday
Market players gravitated to (OTC: NTDOY) stock at the close of the trading week following the initiation of coverage by a major bank. This helped push the storied video game company's stock more than 3% higher on Friday, easily beating the S 500 index's nearly 0.3% decline.
The initiating party was one of the "big four" American banks -- JPMorgan Chase. Before market open, the bank's analyst Junko Yamamura kicked off coverage of Nintendo's Japan-listed stock with an overweight -- buy, in other words -- recommendation at a price target of 11,600 yen ($74.21) per share. That suggests potential upside of 17% over the stock's current level.
The reasoning behind Yamamura's bullish take on Nintendo wasn't immediately apparent. It comes at a time when many eyes are on the company, as it just took the wraps off its long-awaited Switch 2 hybrid video game system. The product is sure to be an improvement over the original -- and highly popular -- Switch, released in early 2017.
Source Fool.com
