UPDATE: Benchmark Company Initiates Coverage on Take-Two Interactive Software with Buy Rating, $22.85 PT Ahead of Grand Theft Auto V Release

In a report published Friday, Benchmark Company analyst Mike Hickey initiated coverage on Take-Two Interactive Software TTWO with a Buy rating and $22.85 price target. In the report, Benchmark Company noted, “The key themes driving our enthusiasm for the Company's shares is the upcoming release of Grand Theft Auto V from Rockstar Games (09/17), a strong portfolio of owned and internally developed games, operating cost reductions and the looming next-gen cycle that we anticipate will reset market growth in CY'14. The Company's key franchises driving future performance include: GTA (an estimated +125 million units sold-in), Red Dead, BioShock, L.A. Noire, Max Payne, NBA 2K, WWE, Borderlands, Midnight Club and XCOM.” Take-Two Interactive Software closed on Thursday at $18.26.