Nintendo shares hit all-time high
Shares in Nintendo hit an all-time high of JPY 64,800 before closing up 2.7 per cent, or JPY 64,300 on Wednesday, following Goldman Sachs giving the company a "buy" rating.
Shares in Nintendo hit an all-time high of JPY 64,800 before closing up 2.7 per cent, or JPY 64,300 on Wednesday, following Goldman Sachs giving the company a âbuyâ rating.
Goldman Sachs compared Nintendo's success in new markets to that of Apple, suggesting that both companies had managed to knock rival Sony off its top spots in both the portable music and home console markets.
"We believe Nintendo's talent in creating new markets, evident from the launch of the DS and Wii, could bring it close to the level of Apple, whose high valuations are due in large part to its innovative business model," reports Reuters.
Shares were also boosted by speculation that Nintendo will again raise its earnings forecasts thanks to continued strong sales of the Wii and DS and its associated software.