JPMorgan has kept its Overweight rating on Take-Two Interactive and a $310 price target, with Grand Theft Auto 6 still the main reason. The bank said Take-Two reaffirmed fiscal 2027 net bookings guidance of $8 billion to $8.2 billion. That range implies annual growth of 19% to 22%, helped by GTA 6 pre-orders that are already running at unusual levels.
What the guidance assumes
JPMorgan thinks the company’s forecast rests on about 34 million GTA 6 copies sold. For context, GTA V sold 33 million copies in its first fiscal year. The numbers are close, though the market is different now and launch demand can be hard to pin down. Take-Two also pointed to NBA 2K27, which delivered its second-highest net bookings ever but still missed management expectations. The company blamed competition from other entertainment events, including GTA 6 itself. That sounds odd, perhaps, but a huge release can pull attention and spending from other titles. Bookings and player engagement are expected to pick up.
Zynga and mobile remain part of the mix
JPMorgan still expects Zynga to contribute roughly 34% of Take-Two’s fiscal 2027 net bookings. The mobile studio is working on its existing portfolio and new titles. Top Goal is still in soft launch. After its review, JPMorgan raised its fiscal 2027 net bookings estimate by 1% to $8.3 billion, citing stronger GTA 6 preload activity. The December 2027 target of $310 is based on about 29 times projected fiscal 2028 adjusted earnings per share of $10.59.
Wall Street stays mostly bullish
Other analysts are also positive. Oppenheimer kept an Outperform rating and a $280 target, saying GTA 6 has outperformed expectations. BTIG stayed at Buy with a $262 target. Bank of America Securities kept Buy and a $330 target, pointing to strong GTA 6 pre-sales. Jefferies also maintained Buy and a $300 target. It did flag a $20 million bookings shortfall, mostly from weaker NBA 2K performance and lower mobile bookings. Still, the broader view is that GTA 6 gives Take-Two a strong hand heading into launch. The key question is whether pre-orders and early sales can meet the high bar JPMorgan and others have set.
