Wedbush Upgrades Take-Two Interactive (TTWO) to Outperform Citing Compelling Valuation
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Wedbush upgraded Take-Two Interactive (NASDAQ: TTWO) from Neutral to Outperform with a price target of $126.00.
Analyst Michael Pachter comments "Shares traded at $98.63 as of the market close on Friday, April 27. We expect Take Two to deliver average EPS of $5.00 or more over the next two fiscal years driven by Red Dead Redemption 2, a new unnamed 2K title (likely Borderlands 3), and recurring strength, meaning that shares are trading at roughly 17.5x that figure excluding $11 per share in cash. Video game publishers have generally traded at 20x earnings or more in recent years, with significant runways for continued top line and EPS expansion bringing valuations closer to 25x earnings at certain points."
Shares of Take-Two Interactive closed at $98.63 Friday.
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