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Take-Two rebounds as analysts look ahead at key games

  • Take-Two Interactive (NASDAQ:TTWO) has rebounded from last night's post-earnings declines, settling in for 2% gains currently after hitting a 3.5-month high this morning.
  • The company guided low and missed on revenues, and a key release (Borderlands 3) was pushed off into the next fiscal year, but Jefferies is more focused on the high-profile release of Red Dead Redemption 2 (coming this fall after its own delay).
  • "It was a messy quarter with a lot of moving parts," analyst Timothy O'Shea says, with revenues likely dinged not only by rival game Fortnite but also by NBA 2K sales that were lighter than expected. Still, his bottom line is to own the stock
  • Baird's Colin Sebastian is largely of the same mind, looking past Fortnite competition to the RDR2 release. Competition from Fortnite and PlayerUnknown's Battlegrounds still had its impact, though, given Take-Two's dependence on recurring revenues.
  • KeyBanc stayed Overweight as well, raising its price target to $152. A more cautious Cowen rates the stock Market Perform with a $96 target, with "significant" growth of its key franchises fully priced in already.
  • Big rivals were down in lockstep during last night's postmarket action, but they're higher alongside Take-Two today: ATVI +1.7%; EA +0.4%.

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Take-Two Interactive Software, Inc.