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Shares of GameStop Corporation (GME - Analyst Report) surged to attain a new 52-week high of $37.23 on May 3, 2013, before closing at $37.15, up 2.3% from the previous day’s session. Shares of this Zacks Rank #3 (Hold) stock have amassed a year-to-date return of roughly 46.4%.

Based on the current price, this video game and entertainment software retailer is 12.7% above the Zacks Consensus average analyst price target of $32.97. The company currently trades at a forward P/E of 12.05x, a 6.7% discount to the peer group average of 12.92x.

GameStop is well positioned to take the advantage of the growing market for video game products and PC entertainment software. The company’s strategy is to branch out through store expansions in favorable localities, by providing the largest title collection of video games, and leveraging its first-to-market distribution network to offer the latest hardware and software releases.

GameStop has been evolving continuously and transformed as a mixed retailer of physical and digital gaming and electronic products. The company’s ventures in digital, iDevice and gaming tablet businesses are expected to be accretive to its results.

This is evident from its better-than-expected fourth-quarter fiscal 2012 results on the back of strength witnessed across digital and mobile businesses and gross margin improvement.

GameStop declared impressive results on Mar 28, 2013, wherein earnings of $2.16 per share beat the Zacks Consensus Estimate of $2.09, and rose 24.9% from $1.73 earned in the prior-year quarter. In the last 4 quarters, the company has outpaced the Zacks Consensus Estimate by an average of 12.1%.

Alongside, companies like Macy’s, Inc. (M - Analyst Report), Time Warner Inc. (TWX - Analyst Report) and Wolverine World Wide Inc. (WWW - Snapshot Report) achieved new 52-week highs of $46.45, $60.72 and $49.86, respectively on May 3.

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