Take-Two Interactive slashed at BofA on GTA VI launch timing: 4 big analyst cuts
Investing.com | Author Davit Kirakosyan
Published Dec 07, 2023 08:35AM ET
Investing.com — Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Take-Two Interactive, FMC, ChargePoint, and Duckhorn Portfolio.
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Take-Two Interactive cut at BofA Securities, shares fall /h2
BofA Securities downgraded Take-Two Interactive Software (NASDAQ:TTWO) to Neutral from Buy with a price target of $170.00, citing expectations of a postponed release for the highly-anticipated video game Grand Theft Auto VI. As a result, shares fell more than 1% pre-market today.
The analysts noted that not all investors are prepared to wait longer than 15 months. They predict that GTA 6 will be released in the fall of 2025, contrary to the consensus expectation of an earlier release in the first quarter of that year.
As a consequence, BofA anticipates a 20% cut to the fiscal 2025 revenue forecast before August next year.
Based on investor inquiry patterns, participation has broadened meaningfully since the stock bottomed a year ago. We expect further broadening of participation into the launch, which dampens downside price risk, but we do not see significant further upside potential for now.
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