). Brean Capital noted, “The investment thesis for TTWO remains the great GTA trade. We ended fiscal 2012 with fiscal 2013 guidance of more than $2.00 in non-GAAP EPS with the expectation of a Grand Theft Auto V release. We look ahead to fiscal 2014 still awaiting the same things. In the meantime, we believe F3Q13 will be underpinned by sales of NBA 2K13, with upside from digital revenue from Borderlands 2. Moreover, after a preliminary look at F2014, we anticipate $2.2 billion in revenue and non-GAAP EPS of $2.00, driven by a spring 2013 (F1Q14) release for GTA. Take-Two continues to display the inconsistency which leads us to our Hold rating, with bursts of solid execution offset by critically acclaimed titles that fizzle at retail, Max Payne and Spec Ops: The Line. We believe the best case scenario for the company, in a non-GTA year, would follow the model of Borderlands 2 which was released in fiscal 2Q13: solid packaged good sales supported by releases of high-margin digital add-on content in subsequent fiscal quarters.” Take-Two Interactive Software closed on Thursday at $12.61.