U.S. Interactive Gaming: Quieter quarter for releases ahead of GTA VI

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U.S. Interactive Gaming: Quieter quarter for releases ahead of GTA VI

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U.S. Interactive Gaming Equities

AmericasQuieter quarter for releases ahead of GTA VI

Entertainment

Christopher Schoell, CPA

GTA VI marketing/hype gaining steam Analyst

2Q was a quieter quarter for PC/console releases as the industry awaits GTA VI in christopher.schoell@ubs.com

November while mobile data checks were mixed. After AI headlines broadly weighed on +1-212-713 4912

the sector earlier this year (see takeaways from our AI in EntertAInment summit), our John C. Hodulik, CFA

conversations with investors are increasingly shifting back to idiosyncratic factors. Analyst

TTWO is our top pick, where we expect new GTA VI announcements, trailers and john.hodulik@ubs.com

gameplay to drive sentiment and confidence in the profit/FCF ramp. For Roblox, we are +1-212-713 4226

Neutral. We still see Roblox as a beneficiary of secular trends in gaming but expect Albert Kim

growth to moderate near term amid increasingly difficult comps while regulatory shifts/ Associate Analyst

age verification is creating noise to near term engagement. See below for set ups by albert.kim@ubs.com

company... +1-212-713 1079

Batya Levi

TTWO (Buy; $300 PT): Similar to precedent, we believe initial guidance will prove

Analyst

conservative but expect more significant updates closer to GTA VI launch. This was batya.levi@ubs.com

the case for both GTA V (Fiscal 2014) and RDR II (Fiscal 2019), when the company +1-212-713 8824

ultimately outperformed its initial bookings outlook by 34%/8% but only raised

Ryan Gravett, CFA

guidance by 1-2% in F1Q. We expect F1Q results toward the high-end of mgmt's

outlook, incl. 4% bookings and 45% Adj. EPS declines.