Take-Two Interactive (TTWO) PT Raised to $34.99 at Benchmark

Benchmark analyst Mike Hickey reiterated a Buy rating and raised his price target on Take-Two Interactive (NASDAQ: TTWO) to $34.99 (from $32.02) following strong results and outlook after the close.

Hickey commented, "We view the Company’s near term share price risk / reward profile balancing positive; with potential near term performance upside through fiscal ’15 year end from a compelling game slate over seemingly conservative guidance, offset somewhat by growing investor attention over their fiscal ’16 growth profile where have limited visibility and where we currently model for a growth contraction. The Company’s significant cash balance over executive discipline has become an increasingly powerful asset, as the Company is currently trading 12.5X our normalized 3-year adjusted EPS projection ex-cash, creating a compelling value base for potential upside from future products and / or the market growth. We suspect a few could elect to take profit tomorrow, as the GTA catalyst finds realization. Conversely, we find many will hold, riding a strong normalized earnings stream in-front of the next-GTA release which could be as early as fiscal ’17. We suspect the Company’s relative valuation, strong development talent over owned IP, and compelling balance sheet; could drive acquisition consideration, with Activision being a leading candidate, in our view."

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 $29.84 yesterday.

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