Take-Two Interactive Software, Inc. (NASDAQ:TTWO) shares rose nearly 10% since the company’s reported Q1 results last week, with revenue of $1.1 billion coming in better than the Street estimate of $1.09 billion.
Analysts at Deutsche Bank downgraded the company to hold from buy and lowered the price target to $160 from $200.
The analysts lowered their estimates for net bookings by approximately 10% and for adjusted EPS by 20% in 2024 and 2025. The change to their forecast follows the company’s updated guidance, which includes an estimated 6-7% reduction in expected net bookings for the company’s core business, and a softer outlook for the Zynga portfolio as well.
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