“Weakness in Take-Two (TTWO) may be an opportunity,” we noted on April 7. “We have to consider most of the negativity has been priced into TTWO after missing its outlook. And we have to remember that Grand Theft Auto VI will be coming soon, and could see substantial sales just as the other GTA releases have seen.”

By Monday morning, TTWO opened at $154.25. It’s now up slightly at $155.91. and – if it can break above resistance at $160 – it could refill its bearish gap around $170.

Helping, analysts at Citi just upgraded the TTWO stock to a buy rating, with a $200 price target.

“Based on pricing for Grand Theft Auto V, historical performance, and recent company commentary, bookings for GTA VI could be between $2.6B and $2.9B,” added the firm, as noted by Seeking Alpha. 

“Additionally, there are signs that the mobility portfolio is ‘stabilizing.’ In the most bullish scenario, shares could hit $235, while the most bearish scenario could see shares fall to $130.”

That coupled with oversold conditions makes us even more bullish on TTWO.