Glu Mobile stock is on the rise today on some positive news from Cowen.
The good news for Glu Mobile (NASDAQ:GLUU) from Cowen has the investment bank and financial services company naming it the best idea of 2019. Cowen notes that there’s a lot to look forward to from the stock and that it is stilling sitting with a good valuation.
Cowen also provided an update when speaking about Glu Mobile. The firm reiterated its “Outperform” rating for the stock during the note. It also increased the price target for Glu Mobile stock from $8.00 to $9.50. For comparison, Glu Mobile stock was sitting at $7.08 when the markets closed on Friday.
Cowen notes that Glu Mobile stock is a strong investment considering the successful turnaround it has been going through lately. It also points out that the company has three new games launches set for fiscal 2019. This includes one game in collaboration with Disney (NYSE:DIS) and Pixar, reports Seeking Alpha.
The strong performance from the company in 2018 has seen Glu Mobile stock raise by 95% since the start of the year. The company’s successful year is tied to its mobile games. Several of these games are performing well, which is the reason behind the stock increase. Some of these games include Kim Kardashian: Hollywood, Deer Hunter and Design Home.
GLUU stock was up 5% as of noon Monday.
As of this writing, William White did not hold a position in any of the aforementioned securities.