June 16, 2024

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Take-Two Rallies After Rockstar Reveals GTA 6 Development “Well Underway” By Investing.com


© Reuters

By Sam Boughedda

Investing.com — Shares of Take-Two Interactive Software Inc (NASDAQ:) gained more than 6.6% Friday after Rockstar Games said that they are currently developing the next installment of the Grand Theft Auto videogame series.

“With every new project we embark on, our goal is always to significantly move beyond what we have previously delivered — and we are pleased to confirm that active development for the next entry in the Grand Theft Auto series is well underway,” Rockstar said in a press release.

“Many of you have been asking about a new entry in the Grand Theft Auto series. With every new project, our goal is always to significantly move beyond what we’ve previously delivered. We’re pleased to confirm that active development for the next entry in the series is underway,” Rockstar tweeted.

Rockstar, a wholly-owned subsidiary of Take-Two Interactive, also said Grand Theft Auto V and Grand Theft Auto Online will be on the PlayStation 5 and Xbox Series X|S platforms on March 15.

Following the announcement, Jefferies analyst Andrew Uerkwitz reiterated a Buy rating and $231 price target on Take-Two, telling investors that they should gain confidence from the announcement and he sees Take-Two as a franchise pick.

In addition, Benchmark analyst Mike Hickey reiterated a Buy rating and $200 price target. Hickey said in a note that he believes GTA 6 will be released in FY24-FY25 and “should lead to explosive growth.”

TTWO shares are at their highest level since they announced the planned acquisition of Zynga (NASDAQ:) on January 10th.

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