BofA Securities analyst Omar Dessouky reiterated a Buy rating for Take-Two Interactive (TTWO). The bank raised its 12-month price target to $368. This revision increases the target from the previous $320 level.
The upgrade stems from growing confidence in the upcoming Grand Theft Auto VI. BofA boosted its online bookings forecast for the title to $2.2 billion. The bank expects to reach this revenue level by FY28. This figure marks a $900 million increase over prior estimates.
Dessouky expects the game to monetize more effectively than its predecessor. The bank believes the title will close the revenue gap with competitors like Fortnite. This bullish outlook arrives despite a broader decline in technology stocks.