Rockstar and Take-Two are unlikely to release the still unannounced Grand Theft Auto V before holiday 2012 at the earliest.
That's according to Cowen & Company analyst Doug Creutz, who came to the conclusion after the companies revealed a March 2012 launch for Max Payne 3 earlier today.
"With the announcement, we are increasingly convinced that we will not see the next Grand Theft Auto title until (at least) holiday 2012," he wrote in an investor note.
"We doubt that Rockstar would launch two of its titles in close proximity to each other given the studio's elaborate marketing campaigns and the likelihood that GTA could cannibalize sales from MP3 if launched in late spring."
Wedbush analyst Michael Pachter said last month he expects GTA V "to sell at least 18 million units" and perhaps as many as 24 million.