F4Q26: G-T-A... It's In The Guide

研报英文原文证据摘录

F4Q26: G-T-A... It's In The Guide

USA | Interactive Entertainment

Take-Two Interactive Software EquityMayResearch22, 2026

ESTIMATE CHANGEF4Q26: G-T-A... It's In The Guide

The GTA hype cycle has officially begun. GTA VI keeps its Nov 19 date and RATING BUY

the FY27 guide implies ~35M units and ~$800M of RCS. Both are likely PRICE $238.08^

conservative and leave room for raises as pre-orders start. NBA was again PRICE TARGET | % TO PT $300.00 | +26%

ahead and RCS guided up a strong HSD% y/y, but the Zynga guide -9% y/y was 52W HIGH-LOW $264.79 - $187.63

below. Overall the core remains solid; we look to a summer rich in GTA catalysts FLOAT (%) | ADV MM (USD) 93.7% | 421.45

for upward estimate revisions and increased confidence in the multiple. Buy, MARKET CAP $43.6B

$300 PT. TICKER TTWO

^Prior trading day's closing price unless otherwise

noted.

What We Liked:

GTA VI keeps 19 Nov 2026 release date: The FY27 guide of $6.00 at the high end came in FY (Mar) CHANGE TO JEFe JEF vs CONS•

below expectations of $7.00+, but is likely conservative. Most importantly, GTA VI is confirmed 2026 2027 2026 2027

for the FY, is in the guide, which means it must have passed its internal gates as Rockstar REV <1% -7% +1% -5%

uses this last 6 months for polish ahead of release. TTWO continues to expect GTA marketing EPS +7% -8% +5% -14%

to ramp in the summer, and the ~$150M y/y incremental S&M spend guide is lower than

expected. Next catalyst: pre-orders, likely alongside summer mktg, and we look to premium 2026 ($) Q1A Q2A Q3A Q4A FY

digital bonuses for insight into the live service business model. The new Rockstar Mission EPS 0.61 1.46 1.23 0.80 4.10

Creator for GTA V Online is a positive that TTWO is experimenting with UGC ahead of GTA VI. PREV 0.54 3.84