Rumors this morning out of Japan stated Nintendo was working on a new handheld system codenamed “MH”.

Nintendo “MH” handheld rumors are “a scenario” pictured by investment firm

The rumor stemmed from a Morgan Stanley Japan note which speculated the device would release worldwide in March alongside Nintendo NX.

Tokyo-based game industry consultancy firm Kantan Games said the report is a speculative scenario. Such “forward-thinking” analysis is common with investment firms, and not to take a March release nor the codename for a new handheld as gospel.

“That Morgan Stanley Japan note on Nintendo does NOT mean a portable console or the name ‘MH’ is confirmed,” said Kantan Games CEO Dr. Serkan Toto. “They are picturing a scenario. Such ‘rich’ forward-looking analysis and also the wording is standard in investor notes.

“I know because I read tons of them, unless Morgan Stanley has an incredible scoop – which I very much doubt.”

Tons of rumors surrounding Nintendo’s next hardware offering, known as NX at present, have been swirling since the firm announced it was bringing something new to the market.

Last we heard, the new hardware was neither the successor to Wii U nor to 3DS.

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Nintendo won’t be discussing NX at E3 2016 next month as it has opted to reveal more on it later this year. Instead, the firm will focus on the next entry in The Legend of Zelda franchise, which will release simultaneously on Wii U and NX in 2017.

Thanks, Gematsu.