Take-Two Interactive slashed at BofA on GTA VI launch timing: 4 big analyst cuts

Investing.com — Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Take-Two Interactive, FMC, ChargePoint, and Duckhorn Portfolio.

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Take-Two Interactive cut at BofA Securities, shares fall

BofA Securities downgraded Take-Two Interactive Software (NASDAQ:TTWO) to Neutral from Buy with a price target of $170.00, citing expectations of a postponed release for the highly-anticipated video game Grand Theft Auto VI. As a result, shares fell more than 1% pre-market today.

The analysts noted that not all investors are prepared to wait longer than 15 months. They predict that GTA 6 will be released in the fall of 2025, contrary to the consensus expectation of an earlier release in the first quarter of that year.

As a consequence, BofA anticipates a 20% cut to the fiscal 2025 revenue forecast before August next year.

Based on investor inquiry patterns, participation has broadened meaningfully since the stock bottomed a year ago. We expect further broadening of participation into the launch, which dampens downside price risk, but we do not see significant further upside potential for now.

FMC downgraded at Mizuho Securities

Mizuho Securities downgraded FMC (NYSE:FMC) to Neutral from Buy, as reported in real-time on InvestingPro.

The analysts explained that the company's earnings have faced significant challenges in the second half of 2023, due to an unprecedented correction in pesticides inventory and growing concerns about generic competition.

Despite a noticeable decline in the company's stock price, with shares dropping approximately 55% year-to-date, the analysts believe that a lack of catalysts (ongoing near-term weakness, 2H-weighted 2024 earnings) combined with investors' reluctance to overlook short-term uncertainties will continue to affect the stock.

Two more downgrades

B.Riley downgraded ChargePoint Holdings (NYSE:CHPT) to Neutral from Buy with a price target of $2.50 following the company’s reported Q3 miss yesterday. Shares are currently down nearly 2% in pre-market.

BofA Securities downgraded Duckhorn Portfolio (NYSE:NAPA) to Neutral from Buy with a price target of $11.00 (from $15.00).

Shares plunged more than 8% pre-market today after the company reported its Q1 results, with EPS and revenues coming in worse than the consensus estimates.

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