Karla Barker 
JPMorgan has kept its Overweight rating on Take-Two Interactive and a $310 price target for the stock. The bank made the call before Grand Theft Auto 6 arrives, and it still expects the game to be the main driver for Take-Two over the next few years.
The note points to Take-Two’s fiscal 2027 net bookings guidance of $8 billion to $8.2 billion. That range implies annual growth of 19% to 22%. JPMorgan says the plan assumes about 34 million copies of GTA 6 sold. That is close to the 33 million copies GTA V sold in its first fiscal year. The bank also mentions strong pre-orders for GTA 6 as support for the guidance.
What the guidance assumes
JPMorgan raised its fiscal 2027 net bookings estimate by 1% to $8.3 billion. It cites expected GTA 6 preload activity. The December 2027 target of $310 is based on about 29 times projected fiscal 2028 adjusted earnings per share of $10.59.
The bank also expects Zynga to contribute around 34% of Take-Two’s fiscal 2027 net bookings. The mobile studio is working on its current portfolio and new titles. Top Goal is still in soft launch, so the contribution there may take time. I think that part is worth watching because mobile bookings have been a weaker spot.
NBA 2K27 misses expectations
NBA 2K27 had the second-highest net bookings ever for the series, but it fell short of management’s expectations. Take-Two blamed competition from other entertainment events, including GTA 6. The company still expects bookings and player engagement to speed up. That claim may need a few quarters to prove out.
Other banks stay positive
Other Wall Street firms remain positive too. Oppenheimer kept an Outperform rating and a $280 target. BTIG stayed at Buy with a $262 target. Bank of America Securities kept Buy and a $330 target. Jefferies also kept Buy and a $300 target, even after flagging a $20 million bookings shortfall tied to weaker NBA 2K performance and lower mobile bookings.
Take-Two shares now depend on how GTA 6 launches and how fast the rest of the business recovers. JPMorgan’s view is clear: the game is the key catalyst, but the company still has to deliver on the numbers.