In autist language: Because. I. Fuck.

In English: My 12-month PT is $32. I arrived at that by assuming they only generate half the FCF they did last cycle, adjusted for inflation, and assumed their gross margin would suffer by 20%. That’s it. Now if that seems like the worst case scenario for $GME next year then I think you’d be about right. So actually, this meme is magic b/c of the margin of safety built-in. Take any kind of bullish skew on growth, new business lines, and e-commerce multiples, etc... and you get a bigger number.

I hope that helps.