Banc of America Cuts Take-Two Interactive Software to Sell
Cites earnings and a potential SEC investigation into the company’s accounting
Banc of America downgraded Take-Two Interactive Software (TTWO ) to sell from neutral, citing near term factors such as earnings and a potential Securities and Exchange Commission investigation into the company’s accounting.
Analyst Gary Cooper says intermediate risks include cash burn, the likelihood to raise additional capital, key employee departures, and governance issues. Long term issues include overdependence on one brand (Grand Theft Auto, or GTA,) the deterioration of that brand, an unprofitable diversification strategy, and other things. Cooper cut his $17 stock price to $12, 20 times 62 cents fiscal year 2007 earnings per share, which could end up being the peak for the cycle.
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