Here are some highlights from Sterne Agrees meeting with management:
They remain buyers of the stock, reiterating $35 price target
Threats of digital downloading are overblown
Next 6 months will be strong with potential hardware price cuts, easier comps, and market share gains
Expecting a $100 price cut on PS by 8/18 or lease of Madden
Possible $50 price cut on wii.
June and July will be tough but August should be first positive month for software sales growth in months
Strong product line coming in last month of FY.
Will use free cash flow to reduce debt
Plans to open 400 stores, 200 US and 200 in Europe. This rate should continue for 3 years.
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