Wedbush wrote that Take-Two trades at 25 times its fiscal 2028 consensus EPS estimate and 23 times its fiscal 2029 estimate, which it views as not fully reflecting the potential scale of GTA VI or the company's increasing mix of recurring revenue. For the second quarter, Take-Two guided to net bookings of $1.62 billion to $1.67 billion, below Wedbush's $1.759 billion estimate and the Street's $1.749 billion forecast. Wedbush wrote that the outlook could provide room for upside, pointing to GTA VI pre-orders and the potential contribution from the company's mobile business. Management characterized GTA VI pre-order volume as exceptional, while Wedbush believes Take-Two's guidance does not fully account for the potential conversion of that demand into purchases. Wedbush maintained its view that GTA VI will be the primary driver of fiscal 2027, while Grand Theft Auto Online, GTA+ subscriptions and improved mobile monetization could support growth in fiscal 2028 and fiscal 2029.