GameStop’s Volatile Rally Smashes Wall Street Price Targets
- Stock is trading six times above analysts’ average target
- ‘It doesn’t make business sense,’ Loup Ventures’s Clinton says
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To see how far GameStop Corp. has outrun anyone’s ability to render sensible analysis, consider what its current dizzying rally has done to Wall Street’s best guesses of its value.
Now perched close to $77 a share, hoisted by a short squeeze ignited and arguably organized in chat rooms, the game retailer’s stock is about $63 above the average forecast of equity handicappers tracked by Bloomberg. The ratio between the two is by far the biggest in the Russell 3000 and jumped for a third day, as crazed trading capped a stretch in which the 37-year-old company burned bears who had shorted 139% of its shares.