It's not completely clear what might be coming this year and when from game makers Take-Two Interactive Software, Inc TTWO, MKM Partners said in a Friday note.
The Analyst
MKM's Eric Handler downgraded Take-Two from Buy to Neutral and lowered the target price from $142 to $133.
The Thesis
"We like the company but shares lack visibility and valuation looks full," Handler wrote in a note.
Handler said he continues to view Take-Two as the "best-run publisher in the video games space," with a strong portfolio of games, but is increasingly unsure of the company's pipeline for 2021.
"We are becoming more and more convinced Take-Two's FY21 release slate will include a below-average number of non-annualized, AAA game releases, and, as a result, consensus estimates are too high," Handler said.
Price Action
Take-Two shares are down 2.61% to $125.70 at time of publication Friday.
Related Links
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UBS Likes Take-Two's Proven Track Record In Video Game Space
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