UPDATE: Wedbush Lowers PT on Take-Two Interactive Software from $20 to $19

WedBush has published a report on Take-Two Interactive Software (NASDAQ: TTWO) lowering the price target.

In the report, Wedbush wrote, "Commitment to producing high quality games should translate into consistent profits. Of the major publishers, Take-Two has had the fewest “misses” in terms of game quality over the last two years, and as a result, delivered a profitable FY:11 without the release of Grand Theft Auto V. Notwithstanding the disappointing Duke Nukem' Forever (which had a horrible metacritic rating and sold through well below our expectations), the company managed to generate a modest profit in Q1, and appears wellpositioned to hit the high end of its guidance for the year."

Wedbush rated Take-Two Interactive Software an Outperform with a price target lowered from $20 to $19. Take-Two Interactive Software closed Monday at $11.07.