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Nintendo shares soar to record high

The Japan-based company's stock still in an upward spiral, boosted by a report from Goldman Sachs and speculation it would be upping its earnings forecast.


Shares of Nintendo hit a record high today on the Tokyo stock exchange--briefly reaching 64,800 yen ($555) before closing up 2.7 percent at 64,300 yen ($551).

The surge followed a report from Goldman Sachs which compared the Mario Factory to iPod creator Apple, reports Reuters.

Goldman stated that, "We believe Nintendo's talent in creating new markets, evident from the launch of the DS and Wii, could bring it close to the level of Apple, whose high valuations are due in large part to its innovative business model."

Nintendo is Japan's third most valuable company after Toyota Motor Corp. and Mitsubishi UFJ Financial Group, and has seen its shares rise and rise as demand for the Wii and DS has continued unabated.

There has also been speculation that the Kyoto-based company will be raising its annual earnings forecast again due to the continued strong sales of software and hardware. It has already raised its forecast once for the 12 months ending March 2008.

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