Wedbush Cuts Price Target on Take-Two Interactive (TTWO), Poor Q1 Results and Q2 Guidance
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Price: $246.95 +2.08%
Rating Summary:
41 Buy, 7 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
41 Buy, 7 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wedbush is maintaining its Outperform rating on shares of Take-Two Interactive (NASDAQ: TTWO), but is lowering its price target from $20 to $19 following its Q1 conference.
The company reported its Q1 results below the Street's expectations with $334 million in revenue and EPS of $0.02, while the Street was anticipating $362 million in revenue and EPS of $0.10.
TTWO released its Q2 guidance with revenue expected to be in the range of $70-$85 million and an EPS range of ($0.65)-($0.55), below the Streets previous estimates of $195 million in revenue and EPS ($0.06). Take-Two Interactive did reaffirm its 2012 guidance with a revenue range of $1-$1.1 billion and EPS range of $0.10-$0.35. Management also announced that they are forecasting EPS for 2013 will exceed $2.
The firm is lowering its 2012 revenue and EPS estimates from $1.16 billion and $0.78 to $1.1 billion and $0.40. Wedbush is reiterating its 2013 estimates of $1.7 billion in revenue and EPS of $2.50.
Over then next six months Wedbush is forecasting multiple catalysts in the stock including the release of "Max Payne 3" and "Grand Theft Auto V," while commenting that shares are currently weak.
Analyst at Wedbush continue to believe that TTWO is a solid company despite the numerous game delays and the disappointing Duke Nukem Forever game. Wedbush is forecasting that "Grand Theft Auto V" will be released in fiscal 2013.
For more ratings news on Take-Two Interactive click here and for the rating history of Take-Two Interactive click here.
Shares of Take-Two Interactive closed at $11.07 yesterday.
The company reported its Q1 results below the Street's expectations with $334 million in revenue and EPS of $0.02, while the Street was anticipating $362 million in revenue and EPS of $0.10.
TTWO released its Q2 guidance with revenue expected to be in the range of $70-$85 million and an EPS range of ($0.65)-($0.55), below the Streets previous estimates of $195 million in revenue and EPS ($0.06). Take-Two Interactive did reaffirm its 2012 guidance with a revenue range of $1-$1.1 billion and EPS range of $0.10-$0.35. Management also announced that they are forecasting EPS for 2013 will exceed $2.
The firm is lowering its 2012 revenue and EPS estimates from $1.16 billion and $0.78 to $1.1 billion and $0.40. Wedbush is reiterating its 2013 estimates of $1.7 billion in revenue and EPS of $2.50.
Over then next six months Wedbush is forecasting multiple catalysts in the stock including the release of "Max Payne 3" and "Grand Theft Auto V," while commenting that shares are currently weak.
Analyst at Wedbush continue to believe that TTWO is a solid company despite the numerous game delays and the disappointing Duke Nukem Forever game. Wedbush is forecasting that "Grand Theft Auto V" will be released in fiscal 2013.
For more ratings news on Take-Two Interactive click here and for the rating history of Take-Two Interactive click here.
Shares of Take-Two Interactive closed at $11.07 yesterday.
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