In a statement destined to provoke the ire and dark passions of fanboys everywhere, Wedbush Morgan's Michael Pachter blames the delay of Grand Theft Auto 4's release on the PlayStation 3.
Pachter believes the game was pushed back because of difficulty of developing for the PS3, in conjunction with contracts calling for a simultaneous release on the PS3 and the 360.
"We can only surmise what happened. We think it is likely that the Rockstar team had difficulty in building an exceptionally complicated game for the PS3, and failed to recognize how far away from completion the game truly was until recently," he said. "We think it is also likely that Take-Two had a contractual commitment to Sony that it would not favor competitor Microsoft by launching the Xbox 360 version of GTA IV prior to launching the PS3 version, and believe that any delay of the PS3 version necessitated a delay of the Xbox 360 version. In our view, this is the only plausible explanation of what happened, but management was reticent to provide any details during the conference call."
Pachter also pointed out the obvious: This delay is very, very bad news for publisher Take Two.
"Given the delays of Manhunt and GTA, its process for monitoring projects under development appears to be a failure. Until we see evidence of better controls over work in process and greater diligence in project selection, we are not confident that the company will gain market share in future years."