- Take-Two Interactive Software Inc's (NASDAQ:TTWO) Rockstar Games said a new game in the Grand Theft Auto series is developing.
- The studio also announced the release of Grand Theft Auto V on the newest consoles, the PlayStation 5 and Xbox Series X, for March 15.
- Analyst Ratings: Jefferies analyst Andrew Uerkwitz reiterated a Buy rating and $231 price target (40% upside) on Take-Two after the announcement.
- Uerkwitz said investors should pick up near and long-term confidence from the announcement, adding that he continues to seek Take-Two as a franchise pick.
- Benchmark analyst Mike Hickey reiterated a Buy rating and $200 price target (21.2% upside) on Take-Two Interactive post announcement.
- Hickey, who thinks the timing of this announcement before the company's earnings call on Monday is "not a coincidence" and will enable executives to discuss the game and potentially include updated financial guidance, believes the game will be released in FY24-FY25 and "should lead to explosive growth."
- Price Action: TTWO shares traded higher by 5.45% at $171.90 on the last check Friday.
