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Glu Mobile (NASDAQ: GLU) shares rise on Wedbush upgrade

  • New Outperform rating and $9 price target set on Friday
  • GLUU posted robust Q1 earnings in May
  • Launched mobile game WWE Universe last week
  • Sell Side rating average of Outperform

Game developer Glu Mobile (NASDAQ: GLUU) made 2.1% share gains on Friday after Wedbush offered bullish coverage with a new Outperform rating.

Glu delivered an 18% Y/Y rise in revenue ($95.9 million) for the first quarter in May and analysts at Wedbush believe more positive returns are in the offing for FY2020. Its new $9 price target also represents 28% upside.