Read How Analysts Reacted To GameStop's Q3 Results

• As management lays the groundwork to transform GameStop Corp (NYSE: GME) into a "technology" company, "many details still remain a mystery," Baird analyst Colin Sebastian tells investors in a research note following last night's Q3 results.

• The analyst says that while selling a broader range of merchandise online is helping to drive some growth, it comes with higher losses.

• Sebastian encourages "a bit more transparency around the product roadmap" given the time frame likely needed to transition from a declining physical video game retailer to an e-commerce company competing with Amazon.com Inc (NASDAQ: AMZN) and then into a digital platform. He stays Not Rated on the shares.

• Wedbush analyst Michael Pachter lowered the price target on GameStop to $45 from $50, implying a 72% downside, and kept an Underperform rating on the shares.

• The analyst notes that third-quarter results beat the Street's expectations for revenue but lagged on EPS.

• Price Action: GME shares traded lower by 6.14% at $162.99 on the last check Thursday.

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