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Shares of GameStop gained nearly 4 percent Monday, after receiving an upgrade from Bank of America Merrill Lynch.
"We are upgrading GME to 'buy' and raising our estimates and PO (price objective) to $35 as we see the number of underappreciated factors that we believe could meaningfully improve traffic and earnings trends for GameStop over the next few years," BofAML said in a research report released Monday.
BofAML previously had a price objective of $32 on the video game software and hardware retailer.
BofAML also said "the launch of virtual reality this fall … could be particularly impactful for GME."
GameStop shares have climbed about 1.5 percent in 2016.
Disclosure: BofA Merrill Lynch does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.