Take-Two Interactive (NASDAQ:TTWO) stock is on the move Tuesday after the company’s shares received an upgrade from Deutsche Bank.
Deutsche Bank analyst Benjamin Soff upgraded shares of TTWO stock from a “hold” rating to a “buy” rating today. For the record, the analyst consensus rating for TTWO shares is a moderate buy based on 22 opinions.
To go along with that upgrade, Soff increased the firm’s price target for TTWO stock from $155 per share to $175 per share. That represents a potential upside of around 12%. It’s also bullish next to the analyst consensus price prediction of $152.88 per share.
What’s Behind the TTWO Stock Upgrade?
Here’s what the Deutsche Bank analyst said about Take-Two Interactive in a note to clients obtained by CNBC:
“We believe a major product announcement, such as the highly anticipated trailer for GTA 6, is likely to drive positive investor sentiment and should serve as a catalyst for the stock […] Additionally, as we move into the back half of FY24 and FY25, we would expect to receive initial announcements for other major releases from Take-Two’s robust development pipeline (which includes 14 core immersive titles across FY25 and FY26).”
TTWO stock is up 2.6% as of Tuesday morning and up 45.6% year-to-date (YTD) as of Monday’s close.
Investors who are looking for more of the most recent stock market news will want to keep reading!
We’re offering up insight into all of the hottest stock market stories worth reading about on Tuesday! A few examples include what’s going on with shares of Fisker (NYSE:FSR), Trivago (NASDAQ:TRVG) and Beauty Health (NASDAQ:SKIN) stock today. All of that news is available at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
