Take Two stock target raised at Jefferies despite GTA VI delay

Investing.com -- Take-Two Interactive (NASDAQ: TTWO) shares received a vote of confidence from Jefferies, which raised its price target to $270 from $225, even as the highly anticipated launch of Grand Theft Auto VI (GTA VI) has been delayed into fiscal 2027.

The broker expects an in-line fourth quarter but notes that investor focus will shift toward the fiscal 2026 outlook, which now excludes GTA VI.

Despite this, Jefferies forecasts record bookings for the year, estimating $6.6 billion in bookings and $4.45 in non-GAAP earnings per share (EPS), supported by new releases including Borderlands 4 and Mafia: The Old Country.

In its updated base case, Jefferies models 50 million units sold for GTA VI on console in financial year 2027 (FY25), generating $4.2 billion in total bookings for the franchise that year and boosting Take-Two’s projected EPS to $10.58.

Jefferies also outlined upside and downside scenarios. The bull case includes PC sales and a fuller rollout of GTA Online in FY27, potentially pushing EPS to $12.00 and the stock to $330.

The downside scenario assumes further delays and a weaker pipeline, lowering EPS to $8.00 and the price target to $180.

“It is highly possible GTA gets delayed again to Fall 2026, no PC until FY28, and partial-year GTA Online,” analysts led by James Heaney warn.

While mobile bookings showed softness and the GTA VI delay introduces uncertainties, Jefferies highlighted a content-rich slate and signs of improving trends in NBA 2K.

The broker said questions remain on Borderlands 4 pricing, mobile marketing spend, and the broader FY26 lineup, but noted that the upcoming Summer Games Fest may provide clarity.

Despite the delay, Jefferies emphasized that “TTWO possesses some of the highest-quality content amongst U.S. publishers” and continues to view the company’s pipeline as a driver of long-term re-rating.

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