Take-Two Interactive Software (NASDAQ: TTWO) investors have a big month ahead of them. The video game developer is set to announce its latest quarterly earnings results on Aug. 8, and will likely update its short-term growth targets (along with any shifts in its release calendar) at the same time.

Shares have been in rally mode as that critical date approaches. Take-Two has gained 45% so far in 2023, compared to an 18% rally in the wider market. Rival Electronic Arts is up just 13% in that time.

Let's take a closer look at why Wall Street is so excited about Take-Two stock right now, along with the main reasons to be cautious about making a big commitment to this investment.

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Source Fool.com