© Reuters. Glu Mobile +5.3% as Benchmark boosts to Buy on Taylor Swift app optimism
- Glu Mobile (NASDAQ:GLUU) is up 5.3% premarket after getting a Street-high price target of $6 from Benchmark following an early look at its Taylor Swift lifestyle app.
- The firm boosted Glu to Buy as analyst Mike Hickey points to a turnaround and cautious optimism around The Swift Life, the company’s partnership with the Grammy-winning pop star.
- Bookings and EBITDA should exceed consensus, he notes, and the company should approach positive EBITDA in Q4 and through the coming fiscal year. (h/t Bloomberg)
- The $6 target implies 58% upside from yesterday’s close.
- Now read: Glu Mobile: Forget Rovio