Take-Two Interactive (TTWO)

Oct 6, 2022Trade Ideas

Keep an eye on Take-Two Interactive (TTWO).

After finding strong support around $110, the gaming stock is starting to recover from oversold conditions. It’s also recovering from oversold RSI, MACD, and Williams’ %R. Helping, Goldman Sachs just upgraded the TTWO stock to a buy rating.

As noted by TheFly.com:

Goldman Sachs analyst Eric Sheridan upgraded Take-Two to Buy from Neutral with a price target of $165, up from $131. The gaming industry continues to face a number of short-term fundamental headwinds, but these headwinds are being increasingly priced into the stock, the analyst tells investors in a research note. Sheridan adds that moving past 2022, he sees a couple of key industry themes emerging, namely easier comps as this year’s user growth and engagement trends are lapped and the industry resuming more normalized growth dynamics with resumption of coverage of Japan’s games, entertainment, & internet sector.

From a current price of $117.30, we’d like to see TTWO again challenge $130, near-term.

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