The surging popularity of Epic Games' "Fortnite" is not significantly affecting Take-Two's games, according to one Wall Street firm.
Piper Jaffray reiterated its overweight rating for Take-Two shares, citing the company's older gamer demographic for its titles.
Take-Two shares are down 10 percent this year through Thursday compared to the roughly break-even S&P 500 on "concerns around Fortnite and disappointment with December quarter digital revenue," analyst Michael Olson wrote in a note to clients Friday. "We recommend buying Take-Two at current levels as we think Fortnite risk is overblown."
Epic Games introduced the free-to-play "battle royale" mode for "Fortnite" on computers and gaming consoles in September. This mode allows up to 100 online players to violently battle each other to the death until only one player survives.