“Weakness could be an opportunity in Take-Two Interactive (TTWO),” we noted on April 1. “After dropping to about $142 – where it became oversold on RSI, MACD, and William’ %R – it caught support, and is starting to pivot. From its last traded price of $152.17, we’d like to see it initially retest $160. After that, we’d like to see it refill its bearish gap around $170.”
At the time, TTWO traded at $148. Today, it’s up to $155.64 and running.
If it can break above resistance at $160 – it could refill its bearish gap around $170.
Helping, analysts at Citi just upgraded the TTWO stock to a buy rating, with a $200 price target.
“Based on pricing for Grand Theft Auto V, historical performance and recent company commentary, bookings for GTA VI could be between $2.6B and $2.9B,” added the firm, as noted by Seeking Alpha.
“Additionally, there are signs that the mobility portfolio is ‘stabilizing.’ In the most bullish scenario, shares could hit $235, while the most bearish scenario could see shares fall to $130.”
That coupled with oversold conditions makes us even more bullish on TTWO.
