Take-Two Interactive (TTWO) PT Raised to $45 at Piper Jaffray Amid Mixed Qtr
- Wall St. drops on bleak GE outlook; Microsoft blunts losses
- British American Tobacco Offers to Acquire Remaining Shares of Reynolds American (RAI) for $56.50/Share
- UPDATE: AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
- Rockwell Automation (ROK) Said to Attract Takeover Interest from Schneider Electric - Source
- General Electric (GE) Tops Q3 EPS by 2c; Updates FY16 EPS Outlook
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
Piper Jaffray analyst Michael Olson reiterated an Overweight rating and bumped his price target on Take-Two Interactive (NASDAQ: TTWO) to $45.00 (from $40.00) following mixed June quarter.
Olson commented, "Take-Two reported mixed June quarter results, with EPS below at ($0.34) vs. the Street at ($0.29), but revenue above at $273M vs. the Street at $259M. The quarter was driven by digital rev from GTA Online and NBA 2K16. Digital rev declined 25% y/y due to a difficult comparison to the PC launch of GTA V, but GTA Online had its best ever qtr of "bookings" and recurrent consumer spending overall increased 22% y/y. For FY17, the company maintained EPS outlook for $1.00-$1.25 while modestly increasing revenue by $50M to $1.55-$1.65B vs. consensus of $1.29 on $1.6B. While FY17 EPS guidance is below consensus, most investors will likely give Take-Two a "pass," given the strong performance of GTA Online and expectations for a Red Dead in FY18. Maintain OW, raising PT to $45 from $40 on an increased multiple to 17x from 14x and increased FY18E EPS."
Shares of Take-Two Interactive closed at $40.57 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- RBC Capital Raises Price Target on Benchmark Electronics (BHE) Following In-Line 3Q
- AMD (AMD) Q3 'Solid' - Jefferies
- FBR Capital Raises price Target on Gentex Corp (GNTX) to $22
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesPiper Jaffray, Michael Olson
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!