Shares of Take-Two Interactive (TTWO) fell more than 5% on Tuesday after Wells Fargo lowered its near-term financial estimates. The decline appeared company-specific, with other gaming stocks largely flat in midday trading.
Wells Fargo maintained its bullish Overweight rating and $300 price target. The estimate cuts reportedly reflected weaker sales assumptions for NBA 2K and continued pressure in the mobile gaming market.
The bank’s positive long-term outlook is underpinned by the highly anticipated launch of Grand Theft Auto VI.