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Janco: Take-Two To Raise Capital, Release New Irrational Title In FY09?

Janco: Take-Two To Raise Capital, Release New Irrational Title In FY09?

September 25, 2007 | By Brandon Boyer

September 25, 2007 | By Brandon Boyer
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In his latest notes on publisher Take-Two, Janco analyst Mike Hickey has predicted the company will soon begin to raise capital in earnest on investor enthusiasm over BioShock and GTA:IV, and predicts 2K Boston (née Irrational) could release its unannounced game in fiscal 2009.

"We believe new management's turnaround plan is well underway," said Hickey, saying the company should see some upside in the fourth quarter with strong sales of BioShock and the forthcoming release of Manhunt 2.

Hickey also has said that while the potentially solid holiday lineup has "seemingly eased some of the market's liquidity concerns," he expects "management could choose to raise capital now, leveraging a higher share price, investor enthusiasm over the GTA:IV release, the franchise potential of BioShock and their strong fiscal '08 guidance."

Turning to fiscal 2009, and Rockstar in particular, Hickey says not only its GTA franchise and possible Wii, PS2, or PSP extensions should help Take Two growth, but also LA Noire and possible unannounced content like a new Max Payne or Red Dead Revolver.

Apart from Rockstar, 2K Games itself, particularly its 2K Boston and 2K Australia studios (formerly known as Irrational Games), Hickey has posited that 2K Australia could release their unannounced game in fiscal 2009, leading to growth off the back of BioShock, and expects a platinum selling hit in Mafia 2 in the same fiscal year.


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