Take-Two Interactive Software Inc (NASDAQ:TTWO) (TTWO) shares fell more than 7% in pre-market trading on Friday after the interactive entertainment provider revealed that the release of its Grand Theft Auto (GTA) VI game has been delayed to November 19, 2026, five months later than originally scheduled.
The company, though, raised its bookings outlook for the fiscal year to between $6.38 billion and $6.48 billion, up from $6.05 billion to $6.15 billion, and better than the Wall Street forecast of $6.18 billion.
Despite the delay, Wedbush analysts are optimistic TTWO stock will eventually rebound, raising their target price on the shares to $300 from $290 while maintaining an ‘Outperform’ rating, believing a holiday launch could help boost demand during the quarter.
“We believe the premium multiple is warranted, as Take-Two has demonstrated success with various games alongside strong mobile offerings," the analyst wrote in a note to clients on Friday.
They also pointed to potential profit drivers that include a higher price point for GTA VI, the integration of the game into GTA Online, and significant margin expansion from its first-party web store.