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Wedbush Morgan Cuts Take-Two Estimates, Price Target


Wedbush Morgan cut his estimates and price target on Take-two Interactive Software (TTWO) on Thursday, after the company lowered its fourth quarter earnings per share and revenue guidance.

Analyst Michael Pachter said the software company revised its fourth quarter earnings per share guidance to between 58 cents and 63 cents from 78 cents to 85 cents. Its revenue guidance dropped by about $40 million, as some high margin games products shifted out of the quarter while lower margin games shifted in. Pachter cut his fiscal year 2005 (ending October) earnings per share estimate to 90 cents from $1.13, and his fiscal year 2006 earnings per share estimate to $1.55 from $1.70. He sees no positive catalysts over the next six months for Take-Two's stock price. He keeps a buy recommendation on the stock and lowers his price target to $33 from $34.


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