Take-Two -4.6% as Rockstar co-founder departs

  • Take-Two Interactive Software (NASDAQ:TTWO) is down 4.6% today after disclosing that Dan Houser, co-founder and VP Creative at Rockstar Games, is exiting the company March 11.
  • That follows an extended break he began in spring 2019.
  • That's not a big concern for the pipeline, SunTrust says, noting the long break, and that Houser's brother and co-founder Sam Houser continues to lead Rockstar.
  • But the move puts an "even bigger cloud" over visibility into the company's game schedule, Stephens says: "Rockstar is notoriously secretive so it is tough to decipher what this could mean for ongoing projects (most notably GTA VI) but such a key man departure likely adds some execution risk."
  • Stephens has a price target of $110, now implying 9.2% downside.
  • Sell-side analysts overall are Bullish, as are Seeking Alpha authors. The stock has a Quant Rating of Neutral.

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