Nintendo shares jump on imminent launch of Switch Lite
The new device would launch on Sept. 20 at a suggested retail price of 19,980 yen, or $199.99
Shares in Japan’s Nintendo Co (7974.T) rose more than 4% on Thursday after the company said it would soon launch Nintendo Switch Lite, a cheaper, handheld version of its hugely popular Switch games.
The Kyoto-based company said the new device would launch on Sept. 20 at a suggested retail price of 19,980 yen, or $199.99, compared with $299 for the Nintendo Switch.
Nintendo shares had risen on media reports earlier this year of a low-cost version of the Switch console, only to be battered after management appeared to dampen such speculation over the past few months.
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In mid-morning trade, Nintendo's shares were up 3.6%, while the benchmark Nikkei average .N225 was flat.
“A lower-priced version should stimulate demand,” Jefferies analyst Atul Goyal wrote in a note to clients.
He said the new device directly targets the 75 million owners of Nintendo’s 3DS hand-held device, and that “this lower-priced version should add fuel to fire as this price-point directly targets those” owners.
