On August 26, we said, “Since bottoming out at around $190 in April, TTWO is now up to $232.40.  From here, we ‘d like to see it closer to $250 as we near the launch of its latest 800-pound gorilla, Grand Theft Auto VI.  If you’re familiar with the franchise, you know it’s wildly popular and sells millions of copies.”

“We expect no less this time. Grand Theft Auto V sold 210 million copies, the third best-selling game of all time. Grand Theft Auto VI could sell 250 million moving forward, according to analysts,” we added.

Today, the gaming stock is up to $239.68. And we still believe it could test $250 before the release of its hotly anticipated Grand Theft Auto VI release.

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Helping, analysts at Rothschild Redburn just raised their TTWO price target to $260 from $227 with a buy rating. 

As noted by Investing.com, “The price target increase comes as Grand Theft Auto VI (GTA VI) approaches its release date, now just nine months away according to the research firm. Rothschild Redburn noted that while consensus average selling price expectations for the game have increased to $80, the firm believes unit sales estimates remain too low, particularly for the PC version of the game.”

While the stock is slightly overbought at double top resistance, we still strongly believe the stock could push aggressively higher as it nears the release of GTA VI.

Sincerley,

Ian Cooper