Dropping Down in Vice City...GTA VI Presents Compelling Risk-Reward & Path Toward Upward Estimate Revisions; Overweight & Adding to AFL

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North America Equity Research

U.S. First to Market

11 August 2026

Top Stories

AFL | Take-Two Interactive (Bryan M. Smilek) (TTWO, OW, PT $310.00)

Dropping Down in Vice City...GTA VI Presents Compelling Risk-Reward & Path Toward Upward

Estimate Revisions; Overweight & Adding to AFL

We're updating our investment thesis, estimates, and price target following our assumption of coverage. We are

moving to Overweight-Rated (from Not Rated) and establishing a December 2027 PT of $310 based on ~30x FY28E

Adj. EPS of $10.18/sh. Take-Two Interactive is a leading developer, publisher, and marketer of interactive entertainment

across console, PC, and mobile games.

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