Citi Bearish on Nintendo, Revises Yen/Euro

“We cannot see any real improvement in 3DS demand until the hardware price is cut and two new Super Mario Brothers titles are released, and we do not believe the Wii U has the same level of appeal as the Wii,” Citi wrote in a report focusing on Nintendo (NTDOY).

“Also, we revise our yen/euro assumption to ¥115/€ from ¥120/€. As a result, we lower our medium term forecasts and our target price to ¥14,800. We reiterate our Sell rating.”

Nintendo closed Tuesday at $24.65.