It's Game Day, and Take Two Looks Good

This is a big day for gamers: Take-Two Interactive (TTWO) finally starts selling Grand Theft Auto IV. The early reviews are glowing. UBS analyst Benjamin Schachter notes that of 31 reviews list on the Web site Metacritic.com, 24 are perfect scores. At the moment, he says, GTA IV has better scores than the highest rated game on the site, Zelda: Ocarina of Time. Schachter now thinks U.S. unit sales could reach 8 million in calendar 2008, up from his old estimate of 6 million-plus, with another 6 million units internationally.

Schachter raised his fiscal year 2008 EPS estimate on the company to $1.54 from $1.49; for ‘09 he goes to $1.64 from $1.62.

On the other hand, the stock is still largely tied to the pending $26 a share offer from Electronic Arts (ERTS), and Schachter says EA is not likely to raise its bid significantly. He thinks a price in the $26-$28 range is likely. Schachter maintains his $26 price target on the stock.

In early trading, TTWO was up 32 cents, to $26.79.

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