UPDATE: Piper Jaffray Lowers Price Target on Take-Two Interactive to $13

According to Piper Jaffray, Take-Two Interactive

price target is raised to $13. Piper Jaffray said that Take-Two announced that Max Payne 3 (MP3) had slipped to May-12 (Q1 FY13) from the prior Mar-12 (Q4 FY12) ship date. “As a result, Take-Two reduced FY12 guidance to $770-$890m in revenue and ($0.60)- $0.25). Alone, the slip represents a modest disappointment.” Take-Two Interactive closed yesterday at $14.82.