Take-Two Interactive (TTWO.US): 2FQ27 Preview: valuation attractive ahead of historic GTA 6 launch; Buy

BofA Securities maintains a Buy rating on Take-Two Interactive (TTWO.US) with a price objective of $368 versus the current price of $209.37, in a preview ahead of the company's fiscal 2Q27 results. The analysts view TTWO as attractively valued ahead of a likely historic launch of GTA 6. The intraday price of $209 is below the level right after the 5/2 GTA 6 delay announcement, despite a far more de-risked launch timeline and improved sales visibility (pre-order). TTWO trades at 20x FY28E PC/Console-only EPS of $10.7, a fair multiple for large PC/Console publishers, implying the mobile business is not priced in. The team expects investors to largely look through 2FQ results and focus on GTA 6 commentary, anticipating upbeat remarks on pre-sale trends but little incremental on GTAO or the PC launch. They reiterate their view that an updated GTAO (with the GTA 6 map) will launch by Jan/Feb. The dozen investors spoken with expect ~50mn GTA 6 units sold in FY27 on average, with GTAO expecta