As previously reported, MKM Partners analyst Eric Handler downgraded Take-Two to Neutral from Buy with a price target of $133, down from $142. The analyst maintains a positive view on its longer term position as the "best run publisher in the video games space" and points to its strong base of titles, but attributes the rating change to increasing concern about the lack of visibility in its 2021 content pipeline. Handler adds that FY21 may become a "transition year" given the new cycle in consoles and contends that Take-Two is being set up with a "below-average" volume of new releases this year.