BTIG has initiated coverage of Take-Two Interactive Software with a buy rating, citing the upcoming release of 'Grand Theft Auto VI' as a key driver for the company's growth. Analyst Clark Lampen highlighted that the game, set to launch on November 19, is likely to enhance Take-Two's earnings power over the coming years.
The pre-order price for the game is approximately $80, and its predecessor, 'Grand Theft Auto V,' has historically performed well, selling millions of copies since its 2013 release. BTIG's price target of $290 suggests a 20% upside from the stock's recent close, and the firm noted that 30 out of 32 analysts covering Take-Two also recommend a buy or strong buy.
Despite a 5% decline in shares this year, Take-Two's stock has recently gained over 6% as excitement for the new game builds