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CIBC World Cuts Take-Two Interactive Software Estimates


From Standard & Poor's Equity Research

CIBC World slashed estimates on Take-Two Interactive Software (TTWO) after the company posted preliminary financial information for its third quarter and nine months ended July 31, 2006.

Analyst Brendan McCabe says $240 million preliminary third quarter revenue is in line with the consensus estimates, as the company is unable to post earnings per share (EPS) due to a stock options investigation. McCabe notes the company thinks the Street's third quarter EPS, fourth quarter revenue, and EPS estimates are too high as it struggles with increased legal fees tied to the Securities and Exchange Commission, NY district attorney investigations, and margin pressure. McCabe still sees $234 million third quarter revenue, but widens its 20 cents loss estimate to a 37 cents loss. The analyst revises fiscal year 2006 (ending Oct) estimates to $1.00 loss on $1.1 billion revenue vs. 57 cents loss on $1.2 billion revenue. The lack of earnings and regulatory visibility keep him on the sidelines. He maintains a sector perform rating on the stock.


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