The chance of Grand Theft Auto 5 launching in Take-Two's next financial year ending March 2012 is looking very slim, according to Cowen & Company analyst Doug Creutz.
The analyst made the forecast following the release of the publisher's quarterly financial results last night, in which there was no mention of a new game in the Rockstar series.
"Our belief that a FY12 release of GTA V is highly unlikely at this point," he wrote in a research note.
Wedbush analyst Michael Pachter said in December he was highly confident GTA 5 is "well into its development".
He wrote at the time: "We fully expect the next instalment of Grand Theft Auto to be released by Q4:12 at the latest, as the company's contracts with the three employees most instrumental in the game's development (Les Benzies, Sam and Dan Houser) expire in January 2012."
"In our view, management would have been irresponsible to enter into a contract with the three without some type of milestone for delivery of the game prior to expiration."
Even if we don't see a new GTA game before March 2012, Take-Two has some other aces up its sleeve. Between now and then, its release slate boasts LA Noire, Duke Nukem Forever and X-Com, while BioShock Infinite is set to launch in calendar year 2012.