Why Take-Two Interactive Stock Is Jumping Today
Take-Two Interactive (NASDAQ: TTWO) stock is moving higher Thursday amid bullish trading for the broader market. The company's share price was up 4.3% as of 1:40 p.m. In addition to the bullish stock market backdrop, Take-Two's valuation is being pushed higher by new analyst coverage today. The stock is now up 21% year to date despite substantial sell-offs for the broader market across the stretch.
Before the market opened today, BMO Capital Markets published new coverage reiterating an outperform rating on Take-Two and a one-year price target of $240 per share on the stock. As of this writing, the target suggests upside of roughly 8%. While the target does not suggest huge near-term return potential, it looks more appealing given recent macroeconomic uncertainty and market volatility.
BMO's analysts have stayed bullish on the stock thanks to a positive outlook on the company's upcoming video game lineup, most notably Grand Theft Auto VI (GTA VI). The firm also anticipates performance improvements for the company's mobile segment.
Source Fool.com
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