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By Christiana Sciaudone
Investing.com -- Take-Two (NASDAQ:TTWO) Interactive rose 4.5% after easily beating estimates for the fiscal fourth quarter.
Earnings per share of $1.40 beat the expected 68 cents on sales of $784.5 million, better than the forecast of $661.3 million, according to data compiled by Investing.com.
But analysts lowered their price targets on the stock on guidance that missed market estimates. The company projected a profit of 80 cents per share, versus the expected 88 cents per share, according to StreetInsider. Full-year guidance also fell short, with forecasted revenue of no more than $3.3 billion versus the expected $3.51 billion.
Shares are down about 17% from a record set in February.
Wedbush lowered the price target to $212.50 from $226, but reiterated a buy-equivalent on Take-Two saying that it “crushed expectations” to “cap off Take-Two’s best fiscal year ever," StreetInsider reported.
"We see significant long-term potential from its release pipeline,” said analyst Michael Pachter with demand driving more growth over at least the next three fiscal years.
Bank of America (NYSE:BAC) also lowered the price target, calling the near-term outlook “underwhelming.”