Piper Jaffray Raising Price Target On Take-Two (TTWO)

Piper Jaffray is raising its price target to $13 from $12 on Take-Two Interactive Software, Inc. TTWO, but is Neutral on shares. In a note sent to clients, Piper Jaffray writes, "We are incrementally more positive on Take-Two's business prospects. The long and winding road may be over for this storied franchise as brands outperform and execution reaches a 10-year high, in our view. Take-Two delivered a third consecutive earnings beat with impressive October quarter results driven by NBA 2K11 and digital downloads. Guidance may not have impressed, but our confidence is certainly improved and we are increasing our forward estimates. In our view, guidance on December/March quarters looks conservative, and we initiated estimates at the high-end. Due to earnings and execution improvement, we are increasing our PT to $13. Neutral rating pending visibility on next fiscal year earnings." Shares of TTWO gained 74 cents in after hours to $12.68.