BofA downgraded Take-Two Interactive to Neutral from Buy with an unchanged price target of $170. The analyst expects fiscal 2025 consensus estimates, which assume a GTA 6 launch by March 2025, to fall by 20% before August 2024. Not all investors are willing to extend duration beyond 15 months and not enough is known about the quality of GTA 6, based on the December 5 trailer and September 2022 leak footage to underwrite a multi-billion dollar run rate for GTA Online, the analyst tells investors in a research note. BofA does not see significant further upside potential for Take-Two shares.
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