As previously reported, BMO Capital analyst Gerrick Johnson downgraded Take-Two to Underperform from Market Perform and cut his price target to $80 from $119. The analyst notes that after a 2-year "hype machine" blast for its Red Dead Redemption 2 title and its "strong" premier, the buzz around the game has "dissipated markedly." Johnson is concerned that game engagement may lapse and the company's ability to monetize the release to "desired levels" may be pressured. The analyst adds that lackluster results by videogame companies have caught up with their high valuations, sending the sector down since the fall. and sees Take-Two as not being immune to the broader downturn.

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