Citing sources familiar with the matter, Eurogamer.net reports that Nintendo Co. (NTDOY - Free Report) is preparing to launch the mini version of its immensely popular Super Nintendo Entertainment System game console (SNES).
Reportedly, Nintendo is working on the console, which was a huge hit in the 90s and aims to make it available in the market over the holiday season this year.
Last year, betting big on nostalgia, Nintendo had launched the mini version of its classic NES console, 20 years after discontinuing it. Nintendo’s mini NES Classic was an instant hit. It also apparently created a huge resale market on eBay as demand exceeded supply.
Recently, the company discontinued the mini NES Classic in spite of its immense popularity.
Eurogamer.net citing Nintendo said that the company never "intended” mini NES classic to be a "permanent product."
SNES was the company’s second console after the monster hit NES. Released in 1990, it is touted as the “best selling console of 16-bit era.” SNES had to compete with Sega’s Genesis/Mega Drive Console back then.
The console included games such as Super Mario Kart, Super Metroid, Super Mario World, and Super Mario RPG: Legend of Seven Stars.
These are good times for Nintendo. The company made a comeback last year with the smash hit Pokémon Go. Then it tasted success with mini NES classic and now its latest console Switch seems to be doing great business.
Per NPD Group, Japanese giant, Nintendo’s latest console sold nearly 906K units in March, which is phenomenal given the fact that most news games/product launches are usually reserved for the holiday season. Nintendo needed Switch to be a hit after the lackluster performance of its last console Wii U.
Currently, Nintendo carries a Zacks Rank #1 (Strong Buy). We note that Nintendo has massively outperformed the Zacks Toys-Games-Hobbies industry in the last one year. While the stock returned 57%, the industry gained 25.8%.
Other stocks worth consideration in the broader technology space include Square, Inc. (SQ - Free Report) , Broadcom Limited (AVGO - Free Report) , and DST Systems, Inc. all sporting a Zacks Rank #1. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Long-term earnings growth rate for Square, Inc, Broadcom Limited and DST Systems is currently pegged at 22.5%, 13.6% and 10%, respectively.
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