Shares of GameStop and cinema operator AMC Entertainment rallied to their highest levels in months on Wednesday, with some market-watchers saying the recent surge was forcing bearish investors to unwind their bets against the video game retailer.
“If you own a stock and you want it to keep going up you need reasons,” said Telsey Advisory Group analyst Joseph Feldman, who has a $30 price target on GameStop and an “underperform” rating. “This is retail investors trying to convince themselves to buy more of the stock.”
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