The successful launch of Red Dead Redemption 2 has been a "double-edged sword" in the minds of some investors who are excited about the potential for the game, but anxious that it will steal time/wallet share from GTA Online, Piper Jaffray analyst Michael Olson tells investors in a research note. However, his of Take-Two's recurrent consumer spend suggests that, even with a significant contribution from Red Dead Online in fiscal 2020, it would require a "dramatic decline" in GTA Online revenue in order for his estimates to be at risk. He notes that GTA Online revenue would have to decline greater than 35% year-over-year in order for Take-Two to miss his numbers. Olson has increased confidence in his 2020 estimates for Take-Two following the analysis and reiterates an Overweight rating on the shares with a $147 price target.

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