Since I (kinda) picked on them yesterday… Briefing has a few interesting notes about Jamdat (JMDT), one of yesterday’s big gainers. Here are some from today:
09:22 JMDT Jamdat Mobile: ATVI confirms it has no near-term plans to directly enter the wireless game mkt – Pac Growth (27.17 )
-Update- Pacific Growth notes that at E3 yesterday, ATVI confirmed it has no near-term plans to directly enter the wireless game mkt. They say Activision indicated that mobile gaming is too small a market, and working with partners such as JMDT is the best strategy. Firm views this as positive for JMDT since one of the main investor concerns for the co is of large console game companies entering the market.
08:31 JMDT Jamdat Mobile reiterated Buy at Merriman (27.17 )
Merriman Curhan comments on JMDT’s announcement that its Tetris game had reached 2 mln downloads, the most ever on Sprint’s network. Over the past 20 years, Tetris has become an international phenomenon that neatly fits the mobile environment. The addressable mobile game market is potentially broader than the classic video gaming market given women’s propensity to play. The DOOM franchise should drive the game to the top of the carrier’s deck and boost JMDT’s revenue stream. Firm expects to see the stock begin to trade toward levels established in early November 2004.
08:28 JMDT Jamdat Mobile: Like the fundamentals, but would be less aggressive at current levels — Needham (27.17 )
Firm notes that it initiated coverage of JAMDAT Mobile last week with a BUY rating and year-end price target of $28. Firm’s estimates for 2006 are above both consensus estimates and mgmt’s guidance, based primarily on firm’s differentiated view of the impact of the recently acquired Tetris license on next year’s results. While Needham continues to like the fundamentals of JAMDAT’s business and its market oppty, and believes there is upside to consensus estimates and mgmt’s guidance, the stock has risen over 60% in recent weeks (nearly 13% yesterday) and implied upside to firm’s price target is now more limited. As a result, while maintaining BUY rating, would be less aggressive at current levels.
And if you’re an all-out bear or just skeptical about the stock you’ll like what they had to say yesterday:
Jamdat Mobile: Floor Talk (JMDT) 26.70 +2.62 :
-Update- With stock up 60% over the past two weeks, starting to hear mention that JMDT is a name shorts are beginning to take a close look at. The heavy level of insider selling over the past few days is also being perceived as a negative. According to SEC filings, among the recent sellers of stock were:CEO sold 10,000 shares on May 12, CFO sold 10,000 shares on May 12, C.O.O. sold 10,000 shares on May 12, Pres of Publishing sold 10,000 on May 12, EVP Distribution sold 3,500 shares on May 11 and 10,000 shares on May 12, and Pres of JAMDAT Mobile exercised and sold 15,000 shares on May 10th.
