UPDATE: Piper Jaffray Lowers PT on Take-Two Interactive to $12

Piper Jaffray is out with its report today on Take-Two Interactive

, lowering its PT to $12 from $17. In its report, Piper Jaffray writes, "We are reducing our PT from $17 to $12 on modestly lower estimates, while using a 9.7x multiple which represents a modest discount to our 10% long-term earnings growth forecast. We remain Neutral given the lack of visibility on GTA V timing and the risk to back-end loaded FY12 estimates." Shares of TTWO closed Monday at $11.07.