Benchmark analyst Mike Hickey lowered the firm’s price target on Take-Two to $120 from $125 and keeps a Buy rating on the shares after the company delivered "disappointing" fiscal Q3 results that included missing expectations on both net bookings and profitability, gave a "disappointing" view on Q4 growth and reduced FY23 guidance. The firm, which previously reduced its FY24-FY25 growth estimates, now notes "a massive discrepancy" between its FY24-FY25 estimates compared to consensus and sees "meaningful execution risk" on upcoming FY24 guidance, but continues to believe Take-Two can "generate exceptional revenue and profit growth over the next several years."
Published first on TheFly
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