UPDATE: Sterne Agee Reiterates Buy Rating, Lowers PT on Take-Two Interactive

In a report published Wednesday, Sterne Agee Group reiterated its Buy rating on Take-Two Interactive Software TTWO, but lowered its price target from $21.00 to $17.00. Sterne Agee noted, “Despite the weak launches of Max Payne 3 and Spec Ops: The Line, we continue to believe the company's FY13 lineup is its strongest ever with key remaining titles including Borderlands 2, NBA 2K13, XCOM: Enemy Unknown, Bioshock Infinite, and likely GTA V. Management indicated that the pre-orders for Borderlands 2 are the third highest in TTWO's history behind two previous GTA titles. While TTWO has historically been a dominant leader in the NBA category, the potential launch of NBA Live 13 by EA could negatively impact sales of NBA 2K13. While EA has not announced the release of NBA Live 13, we note that the game is available for pre-order on Gamestop.com.” Take-Two Interactive Software closed on Tuesday at $8.78.