Take-Two Interactive Software: No Delay for GTA; Remain OW

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Take-Two Interactive Software: No Delay for GTA; Remain OW

Idea

May 22, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMTake-Two Interactive Software | North America Matthew Cost

Equity Analyst

No Delay for GTA; Remain OW Matthew.Cost@morganstanley.comBrian Nowak, CFA +1 212 761-7252

Brian.Nowak@morganstanley.com +1 212 761-3365

Reaction to earnings Cela VanLieshout

Research Associate

Strengthens our thesis Meaningful upside Meaningful revision lower Cela.Vanlieshout1@morganstanley.com +1 212 761-2679

Impact to our thesis Financial results versus consensus Direction of next 12-month Julian Herrera

consensus EPS

Source: Company data, Morgan Stanley Research Julian.Herrera@morganstanley.com +1 212 761-1784

Gregory Gao

With a strong 4Q in the books and GTA confirmed for Research Associate

Greg.Gao@morganstanley.com +1 212 296-3125

November, we remain bullish on TTWO as the run-up to major Kavya A Narayanan

launches is a tailwind for publisher stocks. We also continue to ResearchKavya.Narayanan@morganstanley.comAssociate +1 212 761-4183

see significant operating leverage potential, if GTA beats our Nikhil Javeri

base case estimates. ResearchNikhil.Javeri1@morganstanley.comAssociate +1 212 761-3742

TTWO Delivered Strong Results and Confirmed GTA VI Will Launch in Take-Two Interactive Software (TTWO.O, TTWO US)

November... TTWO delivered strong F4Q results, with bookings/EPS 3%/77% above Internet | United States of America

us and broad outperformance across GTA Online, NBA 2K, Zynga, and Red Dead Stock Rating Overweight

Redemption. Mobile was a particular bright spot, with Zynga posting its highest Industry View Attractive

Price target $280.00

bookings since the acquisition driven by strong growth in Toon Blast (+25% y/y), Shr price, close (May 21, 2026) $238.08