In a report published Tuesday, Stifel analyst Drew Crum reiterated a Buy rating on Take-Two Interactive Software TTWO, and raised the price target from $28.00 to $33.00.
In the report, Stifel noted, “In this piece we discuss our ongoing optimism around near/intermediate-term business fundamentals for Take-Two. Accordingly, we are increasing estimates, as we believe Grand Theft Auto V for next gen plus digital sales drove solid holiday #s, which positions the company for a beat-and-raise quarter when FY3Q results are reported in early February. We also remain positive on Take-Two's slate (i.e., Evolve, paid DLC for GTA V, updates on Red Dead Redemption 2, etc.) which we think serves as a catalyst for further share price appreciation over the next several months ~ we've updated our model/assumptions through FY2017. As a beneficiary of the new hardware cycle, with increasingly greater diversity across the portfolio, and a strong balance sheet, we continue to recommend purchase of TTWO, and have raised our target price to $33.”
Take-Two Interactive Software closed on Monday at $27.62.
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