Take-Two Interactive Software's (TTWO) Grand Theft Auto VI launch remains on track, while a more durable recurring revenue base is key to longer-term growth, Wedbush Securities said in a Friday note.

The company's Rockstar Games released a 27-minute gameplay look at GTA VI, marking the first major look at gameplay. It also reaffirmed the Nov. 19 release date for PS5 and Xbox Series X S. PC remains unannounced, the analysts said, adding that they continue to expect it in fiscal 2028.

The analysts said GTA Online was not mentioned, with no details on its timing or format. This suggests GTA VI will generate little recurring revenue in fiscal 2027, in line with Wedbush's expectations, and reduces the potential for upside from an early GTA Online launch.

The analysts said the reveal does not change their long-term view, which rests on a strong GTA VI launch, but more importantly, a recurring revenue base far larger and more durable than the one it carried into prior cycles.

Wedbush kept its outperform rating on Take-Two Interactive Software, with a $300 price target.

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