“In consideration of [Take-Two’s] large stable of owned and internally developed IP, along with a washing of their checkered corporate profile, we remain convinced the Company will eventually be acquired at a meaningful premium to their current share price," Hickey wrote in an investor note this morning.

“Despite the Company’s often clumsy sequential operating performance, the strength of their game portfolio could provide an acquirer a significant growth engine with several un-priced ancillary opportunities like a GTA massive multiplayer (MMO).”