Following GameStop's $1.8 billion fiscal Q2 and 162 percent earnings increase, most analysts remain confident about GameStop stock.

But analyst Michael Pachter with Wedbush Morgan is cautious about the perceived success of Tex.-based GameStop, issuing a "hold" rating on company shares.

"We were surprised that the company was somewhat cavalier about its loss of market share and about its below industry growth comp rate," Pachter wrote Friday.

"While it is true that one quarter’s results do not firmly establish a trend, we would have expected the company to better explain its failure to comp near the industry average. Instead, management and several of our competitors appear to believe that nothing is wrong."

GameStop said Thursday that revenue grew 35 percent, which is behind the 41 percent U.S. industry sales growth during the quarter.

COO Dan DeMatteo referred to this as an "apparent loss of market share," and suggested that total international sales (not just U.S.) were more in line with industry growth.

Taking into account international sales, estimated at 38 percent growth, Pachter said GameStop still lost market share.

Meanwhile, analyst firms including Janco Partners, Stern Agee and Lazard Capital Markets all reiterated 'buy' ratings.

"It is extremely difficult for us to stand alone in the view that GameStop is losing share, and that its comps will decelerate to single digits for the next several years," Pachter added.

"Management implied that it is happy with the company’s business model during the call, and several of our competitors reiterated 'buy' ratings and valuations at 20x or more next year’s earnings. Maybe we just don’t get it, but then again, maybe we do."

GameStop shares were up 1 percent to $44.10 at noon EST.