BMO Capital analyst Gerrick Johnson raised the firm’s price target on Take-Two to $130 from $120 and keeps an Outperform rating on the shares. The company’s Q3 results were not anywhere near as bad as many investors had feared though the management did cut guidance, noting more cautionary purchasing behavior pressuring new game releases and recurrent spending in existing titles, the analyst tells investors in a research note. Take-Two continues to benefit from positive video game industry tailwinds, including the transition to digital distribution offering higher margins and the opportunity for incremental add-on sales and multi-player online services, the firm adds.
Published first on TheFly
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