Nintendo Switch 2 Preorders Are a Positive Catalyst for NTDOF Stock
Nintendo (NTDOF) stock has rallied in the days leading up to the Switch 2 launch, which is roughly one week away. A major catalyst for the video game company's shares has been Switch 2 preorder updates. The company has continued to ship units ahead of the console's launch, resulting in preorders opening, and quickly closing, as gamers prepurchase the console ahead of its June 5 release.
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Some retailers, such as Target (TGT), have also started to put their Switch 2 units on the sales floor, but they aren't allowing customers to purchase them yet. Others, like Best Buy (BBY), have planned big midnight launch events to attract consumers ready to wait in line for a chance to buy the Switch 2 on its release date.
All of this is to say that the hype around the Switch 2 has continued to grow, and NTDOF stock has benefited from it. The shares have rallied 44.63% year-to-date and will likely continue to do so leading up to the Switch 2's release. The June 5 Switch 2 release could also be a major catalyst for the stock, prompting further gains.
Recent Nintendo Stock Analyst Coverage
The latest analyst coverage of Nintendo stock has remained bullish.
J.P. Morgan's Junko Yamamura reiterated a Buy rating last week and increased the stock's price target to $106.01 from $92.85, suggesting a 25.88% upside.
Citi analyst Tokiya Baba maintained a Buy rating, but lowered the firm's price target to $91.46 from $97.01, implying an 8.6% upside.
Is Nintendo Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts' consensus rating for Nintendo is Moderate Buy, based on seven Buy, one Hold, and a single Sell rating over the past three months. With that comes an average NTDOF stock price target of $89.63, representing a potential 6.43% upside for the shares.
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