By Christiana Sciaudone
Investing.com -- Take-Two Interactive Software Inc (NASDAQ:TTWO) snagged an upgrade from Jefferies (NYSE:JEF), with significant growth expected.
Shares of the videogame maker were little changed.
Analyst Andrew Uerkwitz upgraded the stock to buy from hold, and raised the price target to $231 from $185, StreetInsider reported.
There is “an abundance of opportunity to significantly grow net bookings and earnings” in the coming years with the company planning to launch dozens of titles in the coming years, Uerkwitz wrote in a note.
Shares of Take-Two hit a record last year as video games became must-haves in the pandemic, though they have slipped about 15% since then. The company has beaten estimates for profit and sales for each of the last five quarters.
Street estimates for coming years look “very conservative,” the analyst said.
“If you let your imagination run wild, the estimates could get silly pretty quickly. We keep our estimates the same for now, which are based on just a portion of the incoming titles,” the analyst said.