UPDATE: Piper Jaffray Reiterates Neutral Rating, Raises PT on Take-Two Interactive Software

In a report published Wednesday, Piper Jaffray & Co. reiterated its Neutral rating on Take-Two Interactive Software

, and raised its price target to $10.00. Piper Jaffray noted, “We are confident with Take-Two's ability to come in at or above the high-end of Q2 guidance of $200-$250 million based on multiple data points that suggest Borderlands 2 (launched 9/18) is a multi-platinum hit. The September NPD number (hitting the tape Thurs. 10/11 after market close) should support our expectation that Take-Two sold-through well over 2.5 million ‘real-world' units of B2 by the Sept. quarter end. Separately, EA announced it has cancelled NBA Live '13, guaranteeing NBA 2K another monopoly. Despite these positive developments, we remain cautious on the risk behind GTA V timing as well as console transition risks. Remain Neutral rated but increasing price target to $10 based on 5x FY13 EPS.” Take-Two Interactive Software closed on Tuesday at $10.24.