Piper Jaffray raised its rating on Take-Two Interactive TTWO from Neutral to Overweight and increased its price target from $12 to $18.
Piper Jaffray commented, "Three factors lead to a more positive bias. 1) A key holiday theme suggests big budget titles are benefiting from "short-tail" purchasing behavior. 2) An improving portfolio of titles outside of GTA is smoothing out the model. 3) TTWO's historic stock performance during the 6 months leading up to a GTA launch has demonstrated market outperformance. We believe GTA V can approach Modern Warfare 3's record as the biggest entertainment launch. Our confidence leads us to June quarter and FY14 estimates that are materially above consensus."
Take-Two Interactive closed at $12.77 on Tuesday.
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