Closed at an all-time high
Shares in Nintendo closed at an all time high yesterday after Nintendo raised their annual earnings estimate.
JP Morgan analysts said "We expect operating profit growth to remain strong over the medium term'' and have predicted that shares in the company will rise by a further 15% by April 2008.
The stock climbed 2.5 percent to 37,200 yen as of 2:16 p.m. on the Osaka Securities Exchange, headed for the highest close since it was listed in January 1962. The broader Topix index gained 1.4 percent after the yen fell to a record low against the euro, boosting the value of exports to Europe.
Shares of Nintendo have doubled over the past year after sales climbed 90 percent to 966 billion yen ($8.1 billion) for the year ended March 31, Nintendo said in a preliminary earnings statement on April 5.
In Japan, Wii is still currently outselling the Playstation 3 by 2:1, while the DS still sells out in the capital, despite being on the market for over 2 years ago.
Source :: Bloomberg
