Stephens analyst Jeff Cohen said it is widely expected that Gearbox Software will reveal Borderlands 3 when the company present at PAX East in Boston on Thursday. While he believes Red Dead Online will likely drive Take-Two's near-term stock performance, Cohen also thinks the potential of Borderlands 3 may be overlooked by some investors. While there has been some fan backlash to the exclusive strategy for the Epic Games Store, Cohen also said there is a strong monetary incentive to launch Borderlands 3 exclusively on Epic. He maintains an Overweight rating and $110 price target on Take-Two shares.

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