UPDATE: Monness Crespi Hardt Upgrades GameStop on Strong Q3 Guidance

In a report published Thursday, Monness Crespi Hardt analyst Bill Lennan upgraded the rating on GameStop Corp. (NYSE: GME) from Sell to Neutral.

In the report, Monness Crespi Hardt noted, “Our prediction that 2013 PS3 and Xbox 360 software sales would be materially weaker than Street expectations was wrong. GME's Q3 guidance implies underlying software demand not entirely attributable to a strong title lineup. GME's outlook is inconsistent with the dire PS3 guidance Sony offered for their current fiscal year and with ongoing Nintendo headwinds. This suggests that GME is taking more share than in any year since the full-court press rollout of PowerUp Rewards, the company's loyalty program.”

GameStop Corp. closed on Wednesday at $47.62.