Why Take-Two Stock Tumbled by 2% Today
The holiday season is generally a good time to be in the video game business. This wasn't, however, apparent with Take-Two Interactive Software (NASDAQ: TTWO) stock on Monday. The company's share price fell to close more than 2% lower following an analyst's price-target cut.
One Take-Two bull slowing his pace on the company is Edward Woo of Ascendiant Capital. On Monday well before market open, Woo enacted a more than 20% price cut, trimming his level to $126 per share from his previous $159. He didn't change his recommendation, however, maintaining his buy on the shares.
The reasoning behind this move wasn't immediately clear. As with other tech stocks lately, analysts like Woo have either cooled on Take-Two or tagged it as an uninspiring investment. Earlier this month, for example, ever-influential Citigroup iniated coverage of the stock with an effectively "meh," neutral recommendation.
Source Fool.com
