What's Going On With Take-Two Today?

Take-Two Interactive Software Inc (NASDAQ: TTWO) is trading higher Thursday morning after an upgrade and price target increase from Jefferies.

What Happened: Take-Two announced Wednesday it had acquired the mobile games company Nordeus for up to $378 million.

“Our investment in Nordeus strengthens further Take-Two's mobile game business, is highly complementary to Social Point and Playdots, and broadens our sports portfolio with our first-ever soccer offerings," said Michael Worosz, executive vice president and head of strategy and independent publishing for Take-Two.

Following the acquisition, Jefferies analyst Andrew Uerkwitz upgraded Take-Two from Hold to Buy and raised the price target from $185 to $231. The analyst cited the vast number of games that Take-Two has in development as a reason for the upgrade.

See Also: Take-Two Stock Analysts See Robust Game Pipeline, Conservative Guidance After Q4 Report

Price Action: Take-Two has traded as high as $214.91 and as low as $124.86 over a 52-week period.

At last check Thursday, the stock was up 1.63% in premarket trading at $179.80.

Photo by K2NK from Flickr.