Wedbush Morgan analyst Michael Pachter has said that he expects increased shareholder confidence in Take-Two Interactive's new management.

According to Pachter, this confidence stems from largely from Bioshock's (Xbox 360, PC) performance as well as Manhunt 2 (PSP, Wii) getting clearance for an M rating from the ESRB. The analyst also admitted that the sales dip for Take-Two might not be as low as previously thought.

"Shareholders remain confident in new management," he noted, "and the stock’s rebound over the last two weeks suggests to us that investors expected a rapid reversal of the company’s recent history of consistent quarterly losses."

Pachter believes that this confidence is misguided, however. He pointed towards Take-Two's pro forma GAAP loss for fiscal year 2007 as evidence that there are still a lot of problems within the company that need time to be resolved.