{"id":10959,"date":"2023-05-19T11:51:30","date_gmt":"2023-05-19T15:51:30","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gta-6-is-coming-and-take-two-stock-soars-in-tremendous-anticipation\/"},"modified":"2023-05-19T11:51:33","modified_gmt":"2023-05-19T15:51:33","slug":"gta-6-is-coming-and-take-two-stock-soars-in-tremendous-anticipation","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10959","title":{"rendered":"\u2018GTA 6\u2019 is coming, and Take-Two stock soars in \u2018tremendous\u2019 anticipation"},"content":{"rendered":"
\n

Take-Two Interactive Software Inc. soared Thursday after the videogame publisher hinted that fresh blockbuster titles like \u201cGrand Theft Auto VI\u201d will arrive in 2024 or early 2025. <\/p>\n

Take-Two
\n TTWO,
\n -1.98%<\/bg-quote>
\n shares finished up 11.7% at $139.63, after surging as much as 13% to an intraday high of $141.47, a price not seen in more than a year, Shares had been on track for their best one-day percentage gain since May 19, 2015, when shares jumped 18.3%, but instead, by the end of the session, the stock turned in its best performance since May 17, 2022, when the price rose 11.8%.<\/p>\n

\n

Take-Two\u2019s stock also led gainers on the S&P 500 index
\n SPX,
\n -0.11%<\/bg-quote>,<\/span>
\n which closed up 0.9% Thursday. Take-Two shares are up 34.1% year to date, while the S&P 500 is up 9.3%, and the Nasdaq Composite Index
\n COMP,
\n -0.17%<\/bg-quote>
\n is up 21.2% this year. <\/p>\n

Take-Two \u2014 which publishes such videogame franchises as \u201cGrand Theft Auto\u201d and \u201cRed Dead Redemption\u201d under its Rockstar Games label, and \u201cBorderlands\u201d and \u201cNBA2K\u201d under its 2K label \u2014 on Wednesday offered a disappointing forecast for the fiscal year that just began, but pointed to the next fiscal year as the launch point for \u201cseveral groundbreaking titles.\u201d That is expected to include \u201cGrand Theft Auto VI,\u201d the sequel to the most successful videogame of all time that gamers and investors have been anxious to see. <\/p>\n

Wedbush analyst Nick McKay pretty much called it earlier this week, noting that if Take-Two lowballed the outlook for the year \u2014 as he expected \u2014 without mentioning any big titles coming out, then shares would be under pressure. Take-Two, however, all but confirmed late Wednesday a sixth installment of \u201cGrand Theft Auto\u201d coming out next year, along with this year\u2019s poor guidance, allowing \u201cbulls to dream,\u201d as McKay had said.<\/p>\n

Jefferies analyst Andrew Uerkwitz, who has a buy rating and $165 price target on Take-Two, called the guidance \u201cgroundbreaking\u201d Thursday. <\/p>\n

\u201cThis is it,\u201d Uerkwitz said. \u201cIn a rare move,\u00a0Take-Two gave 2-year forward guidance with year-3 color. The large immersive core titles we\u2019ve been waiting on since the company started its investment cycle in 2018 are finally expected to be released in [calendar 2024 and 2025],\u201d Uerkwitz said. And with executives quoting $8 billion in net bookings out to fiscal 2026, that means \u201cthis growth is more than one specific title,\u201d the Jefferies analyst said.<\/p>\n

Full earnings coverage: Take-Two stock soars as outlook suggests \u2018Grand Theft Auto VI\u2019 is a little more than a year away<\/strong><\/p>\n

Rockstar Games confirmed last year \u201cthat active development for the next entry in the \u2018Grand Theft Auto\u2019 series is well under way.\u201d<\/p>\n

TD Cowen analyst Doug Creutz emphasized the \u201cseveral\u201d part of Take-Two chairman and chief executive Strauss Zelnick\u2019s statement that the forecast involved \u201cseveral high-profile, long-awaited titles in our pipeline,\u201d and called the anticipation \u201ctremendous.\u201d<\/p>\n

\u201cThe mention of \u2018groundbreaking titles\u2019 to us pretty clearly includes GTA6, as we feel confident in saying no other combination of title releases would allow management to confidently project a [year-over-year $2.5 billion plus] increase in bookings,\u201d Creutz said. \u201cWe think it almost certainly also includes \u2018Borderlands 4,\u2019 as we know that title is in development, and marketing commitment levels disclosed in the last two 10-Ks have suggested a [fiscal 2024 or 2025] release.\u201d<\/p>\n

Creutz has an outperform rating and a $147 price target. Of the 29 analysts who cover Take-Two, 22 have buy ratings and seven have hold ratings, along with a price target of $144.88, up from a previous $134.14.<\/p>\n

Read:<\/strong> AppLovin stock roars as analyst sees an edge from AI in struggling mobile-ad market<\/p>\n

Earlier in the week, Microsoft Corp.
\n MSFT,
\n -0.26%<\/bg-quote>
\n won European Union approval for its $69 billion acquisition of \u201cCall of Duty\u201d publisher Activision Blizzard Inc.
\n ATVI,
\n +0.46%<\/bg-quote>,<\/span>
\n but the deal is still being blocked by U.K. regulators, and Microsoft has said it would appeal. The U.K. block pressured shares of Activision Blizzard recently despite an earnings beat.<\/p>\n

Also, Electronic Arts Inc.
\n EA,
\n +0.08%<\/bg-quote>,<\/span>
\n with shares up 3.3% year to date, reported record bookings and forecast a strong outlook last week.<\/p>\n

Read: <\/strong>Microsoft wins EU approval for $69 billion Activision deal<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Take-Two Interactive Software Inc. soared Thursday after the videogame publisher hinted that fresh blockbuster titles like \u201cGrand Theft Auto VI\u201d will arrive in 2024 or early 2025. Take-Two TTWO, -1.98% shares finished up 11.7% at $139.63, after surging as much as 13% to an intraday high of $141.47, a price not seen in more than […]<\/p>\n","protected":false},"author":1,"featured_media":10960,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-10959","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\n\u2018GTA 6\u2019 is coming, and Take-Two stock soars in \u2018tremendous\u2019 anticipation | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Take-Two Interactive Software Inc. soared Thursday after the videogame publisher hinted that fresh blockbuster titles like \u201cGrand Theft Auto VI\u201d will\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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