The note, and what changed in it
Bank of America restated its buy rating on Take-Two Interactive while cutting its price target to $330 from $368, and trimmed its fiscal 2028 earnings-per-share estimate to $13.03 from $14.13. The bank's stated position is to stay long the shares through the GTA VI launch, on the argument that the stock is still cheap against long-term growth it expects to become visible soon.[1]
The recommendation did not move: this was a valuation call with the buy intact, not a downgrade.[1]
Why the argument now rests on online
The bank's case is that the market is undervaluing recurring spending more than the launch itself. Its analysts wrote that a GTA Online launch in the first calendar quarter of 2027 should begin producing hard evidence of that monetisation upside, and that the market would then need to lift its long-term earnings growth forecasts.[2]
That is a specific forecast from a bank, not an announcement from Rockstar, and it is a specific pointer to when an online mode for GTA VI might be measurable.[2]
The scale of what is being modelled
Oninvest, drawing on Business Insider, MT Newswires and Investing.com, reports that BofA sees GTA Online potentially accounting for 40–60% of Take-Two's earnings per share by fiscal 2029, alongside long-term EPS growth of roughly 15% a year, and that the stock trades at about 16 times the bank's fiscal 2028 EPS forecast.[3]
Take-Two does not break out what GTA Online earns. Its latest annual report gives only the whole Grand Theft Auto franchise, which was 12.4% of revenue in the year to 31 March, so any online estimate rests on a figure the company does not disclose.[3]
A weak year for the share price
The stock closed at $201.30 on 27 October, down 21% for the year to date, and the new $330 target sits 64% above that close. Oninvest adds that the analyst consensus is buy, with an average target of $285.10 a share.[3]
What Rockstar has actually said
Rockstar's own pre-order announcement describes a single-player experience at $79.99 for PlayStation 5 and Xbox Series X|S on 19 November 2026, with the Ultimate Edition at $99.99 and pre-loading from 12 November.[4] GTA Online appears in that release only as an existing service attached to GTA+, the subscription that comes with a free month for digital pre-orders.[4]
No online mode for GTA VI appears in that pre-order announcement, and no date for one is given there.[4]
One number to treat carefully
Business Insider's own write-up of the note gives $380 as the previous target; Markets Insider's trade summary and Oninvest both give $368.[2][1][3] The direction is not in doubt, since the target came down and the rating stayed, but the starting point is reported two ways, so the size of the cut depends on which figure is right.[1][2][3]
Sources and verification
4 sources, 1 from the official record. Last accessed 29 October 2026. Each numbered marker in the story links to its entry here.
- [1]
- [2]
- [3]
- [4]
