Wall Street has set the price of GameStop stock for the following year.

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Wall Street has set the price of GameStop stock for the following year.

Post-meme stock levels are being traded for GameStop (NYSE: GME). Can it hold the line and commit another offense, or is its fall inevitable?

Wall Street has set the price of GameStop stock for the following year: According to a Wall Street analyst, it is likely that GameStop stock will experience even more losses in the next 12 months.

An analyst has seen a target price decrease of 66%.
Based on a Wells Fargo analyst, GameStop has a ‘sell’ rating with a target price of $6. This is 66% lower than the current market price of $18.42.

The shortage of analysts covering this stock implies that it’s fallen out of favor and is currently less popular among traders.

GameStop is releasing its quarterly results on September 6, which could lead to a reduction in losses per share. If this happens, it could be a positive turn for the stock and may grab investors’ attention again.

Analysts are expecting a revenue of $1.14 billion and a loss of 17 cents per share. This could result in GameStop ending the quarter with losses. Based on analysts’ expectations, profitability could potentially return in the fourth quarter, historically the most profitable quarter due to seasonal holiday sales.

Technical Analysis of GameStop Stock

GME stock has been trading between $16.3 and $25 since December 2022. The $16.3 level has formed strong support, making it a good buying opportunity if you’re bullish on the stock.

A break below $16 may open the path to losses, potentially down to $10.

However, breaking above the $25 level could push the stock towards $30, resulting in a modest gain of up to $40. But as long as there are no dramatic events, the stock is likely to remain within this range.

Despite the year-over-year ups and downs, GME has still delivered a 7% return annually. This is better than the 18% return of the S&P 500 over the same period.

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