Take-Two price target raised to $165 from $162 at JPMorgan

JPMorgan analyst David Karnovsky raised the firm’s price target on Take-Two to $165 from $162 and keeps an Overweight rating on the shares. The company’s fiscal 2025 guidance for $8B-plus in bookings implies a substantial ramp up in content before March 2025, the analyst tells investors in a research note. The firm agrees with the consensus view of a Grand Theft Auto VI release during that period, but thinks there’s room for debate on whether the game will launch in the 2024 holiday window or in early calendar 2025. It sees room for upside to both out-year estimates and the stock’s valuation, along with optionality from new intellectual property and improving mobile trends.