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In a report published Wednesday, Bank of America analyst Justin Post reiterated a Buy rating on
Take-Two Interactive SoftwareTTWO, and raised the price target from $32.00 to $36.00.
In the report, Bank of America noted, "TTWO reported rev/EPS above the street at $954mn/$1.87 vs. $795mn/$1.52 due to strong sales of GTA 5 on next-gen (10mn units), NBA 2K (5.5mn units), and Digital, which grew 64% y/y to $212mn vs. our $105mn. Guidance was below the street, but seems beatable with modest unit sales for Evolve (we estimate 3.5mn units) and Borderlands (~1.6mn units). TTWO ended F3Q with ~$977mn or $9 per share in cash with ~75% in the US. Only pushback is the norm for Take-Two, less visibility than peers on next-year's title slate and FY16 estimates."
Take-Two Interactive closed on Tuesday at $29.84.
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