Nintendo opted not to make typical hardcore-pleasing E3 announcements such as a new Mario or Zelda title, but that doesn"t mean the mainstream-friendly firm has given up on the hardcore market, according to Wedbush Morgan analyst Michael Pachter.

"Some hardcore gamers were critical of Nintendo’s failure to announce new Mario and Zelda games at the show," Pachter said in a Monday investor note. "But overall, we think that Nintendo focused upon building upon its formidable lead with the mass market, and do not consider the lack of major hardcore game announcements to be an abandonment of its core."

Nintendo"s briefing in L.A. earlier this month highlighted games including Wii Sports 2 and Animal Crossing: City Folk.

Pachter said Nintendo"s E3 showing gave him "an even more positive view of the company," due to a solid lineup of first party content" and the unveiling of the new Wii MotionPlus peripheral.

Since Nintendo"s E3 showing, hardcore gamers have peppered blogs and message boards with not-so-subtle accusations of hardcore neglect.

Nintendo execs have acknowledged the vocal critics. Nintendo of America boss Reggie Fils-Aime told Edge-Online sister site CVG that Nintendo hasn"t ignored the core.

"We"re going to continue to bring all our best franchises to both of our key platforms and continue driving that experience both core as well as brand new consumers," he said.

Although Nintendo made no specific announcements about a new Mario and Zelda game, Nintendo president and CEO Satoru Iwata assured gamers that Mario and Zelda teams were at work on new Wii projects.

Outstripping financial expectations

Pachter also forecast that Nintendo will raise its FY09 guidance, which currently stands at 1.8 trillion yen in revenue and operating income of 530 billion yen. Consensus estimates are 1.9 trillion yen in revenue and operating income of 598 billion yen.

He added, "We think guidance for software units sold is conservative, with much stronger sales trends in the U.S. than company guidance implies, and think that the company has room for upside to its earnings guidance."

Pachter also said he expects Nintendo"s fiscal Q1 to beat Wedbush estimates (Nintendo did not offer Q1 guidance). Wedbush estimates revenue of 421 billion yen and earnings per share of 571 yen. Consensus calls for 400 billion yen in revenue for the quarter and earnings per share of 623 yen.

Nintendo will announce Q1 financials at the close of the Tokyo Stock Exchange on July 30.