Take-Two Interactive Software (TTWO): Good Quarter, Conservative Guidance - Baird
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Baird analyst, Colin Sebastian, reiterated his Neutral rating on shares of Take-Two Interactive (NASDAQ: TTWO) after the company reported non-GAAP revenues/EPS ahead of consensus at $479.4M/$0.45. These results were driven by continued strength in catalog sales of GTA V and the launch of NBA2K16, consistent with his field checks.
Despite a slightly increased outlook for bookings, management reiterated its FY17 guidance, as contributions from new holiday launches may be partially offset by moderating sales of GTA, which could prove overly conservative.
No change to the $43 price target based on 25x blended EPS of $1.70 (in line with larger competitors at 25-30x).
Shares of Take-Two Interactive closed at $44.80 yesterday.
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