Here's Why JPMorgan Upgraded Rating On Take-Two Interactive Software

  • JPMorgan analyst David Karnovsky upgraded Take-Two Interactive Software, Inc TTWO to Overweight from Neutral with a price target of $175, down from $205, following a period of restriction. 
  • With the close of the Zynga acquisition, Take-Two now offers a scaled portfolio of mobile games, apart from leading PC/console intellectual property and a pipeline of content set to "ramp significantly," Karnovsky noted. 
  • Karnovsky observed that the shares were down 20% since the deal's announcement on January 10, reflecting investor concerns over pandemic comps and platform privacy changes. 
  • Karnovsky expects the headwinds to ease in the coming quarters and further see the post-IDFA landscape favoring scaled operators. 
  • On the PC/console side, following a period of investment, Take-Two is set to substantially increase its output of AAA games, which Karnovsky forecasts will drive a step-function increase in revenue and profitability. 
  • Price Action: TTWO shares traded higher by 0.51% at $132.07 on the last check Thursday.
  • Photo via Wikimedia Commons

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