You don't think it's a coincidence they waited until the stock was a few cents from their PT before they decided to increase their PT? Or that they did so hours before important sales data comes out? It's the oldest Wall St game in the book. Keep the earnings forecast, increase the risk, aka transfer that risk from their clients to the retail investor.
And as I mentioned yesterday, they are not like Netflix because they are the anti-Netflix. Every sale that goes from physical to digital costs them both revenue and margins.
Take a big new release, like a CoD. Let's say 20% of those units are traded in. Pick your own estimate, doesn't really matter. GME makes maybe $18 off the new sale, then around $20 off 20% of the units sold (with higher margins on those units), for an average of $22 per unit. If 20% of those sales go digital, with no used trade-ins, the total GME makes per unit drops to $21.20, and with lower margins too.
Then there's the spectre of higher food and gas inflation, and the weak unemployment data. Neither of those factors warrant an increase in risk premium IMO.