Mizuho Securities Raises Price Target on Take-Two Interactive Software (TTWO) Following 1Q16

Mizuho Securities reiterated a Buy rating on Take-Two Interactive (NASDAQ: TTWO), and raised the price target to $33.00 (from $32.00), following 1Q16 earnings results. Take Two reported Non-GAAP revenue of $366mm, above Street expectations of $351mm. Non-GAAP EPS of $0.31 came in below Street expectations of $0.36.

Analyst Neil Doshi commented, "Solid F1Q Results: Take Two reported solid Non-GAAP revenue of $366mm, above MSUSA and Street expectations of $348mm/$351mm. Strength came from digital revenues which grew 139% to $254mm and represented 69% of total revenue, a quarterly record for the company. Recurrent consumer spending was again a key driver of digital revenue. While the company beat on the top-line and guided to a much better-than-expected F2Q, it maintained FY16 guidance, likely out of conservatism, in our view. We maintain our Buy rating as TTWO should have a strong slate of games in F2H16."

For an analyst ratings summary and ratings history on Take-Two Interactive click here. For more ratings news on Take-Two Interactive click here.

Shares of Take-Two Interactive closed at $30.94 yesterday.

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