The hugely disappointing sales of Grand Theft Auto: Chinatown Wars is taking its toll on Take-Two (TTWO).
In a note to investors this morning, Cowen’s Doug Creutz cut his estimate for TTWO while maintaining his rating of “outperform.”
Q2 EPS to ($0.16) from ($0.07)
Full-year EPS to $0.16 from $0.49
He also thinks Take-Two will sell 500,000 copies of the new GTA this year, down from earlier estimates of two million.
Shares in TTWO were down 7.3% in early trading.