Take-Two Interactive (TTWO) PT Raised to $53 at Baird; GTA Drives Upside

Baird Equity Research analyst Colin Sebastian reiterates Neutral rating and raises price target on Take-Two Interactive Software (NASDAQ: TTWO) to $53 (from $43), citing continued strength in the GTA franchise.

Sebastian comments, "Take-Two reported another solid quarter, upside primarily from GTA. As previewed, strength in the company's core GTA franchise continues, now exhibiting positive attributes of a recurring (quasi-subscription) model, including F3Q growth in bookings/engagement. While Rockstar plans to release further GTA content updates in 2017, we expect investor focus will continue shifting towards the Red Dead launch (Fall 2017), which should benefit from positive GTA momentum. Based on F2018E EPS of $2.80, we are also increasing our price target to $53, with risk/reward largely balanced."

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