Robert W. Baird industry watcher Colin Sebastian "increasingly concerned" Rockstar's upcoming open-world game may miss projected early 2013 release window.

Rockstar Games has yet to announce a release date for its much-hyped Grand Theft Auto V, but according to one analyst's projections, the open-world game is possibly in danger of arriving after March 2013.

GTA V by March 2013? Maybe not, says Sebastian.

In a note sent to investors, Robert W. Baird analyst Colin Sebastian said the firm is "increasingly concerned" that GTA V may miss its projected March 2013 release window. Speaking to GameSpot, Sebastian said there are numerous reasons for these concerns.

"By no means am I convinced that it will miss March, but there are a couple of factors to consider. One, we haven“t heard anything definitive from the company on release timing," he said. "Second, retailers typically would want 4-6 months lead time to prepare for a launch as large as GTA, and from [what] I understand they haven“t heard anything. Third, Rockstar rightly prioritizes game quality over release date, and this dynamic could shift timing."

When GTA V does launch, it stands to be a hit, Sebastian claims. He believes the game will ship 12-14 million units during its first three months. Just yesterday, Rockstar Games' parent company Take-Two CEO Strauss Zelnick said development on GTA V remains ongoing at a healthy clip.

"Grand Theft Auto V is in full development and is making substantial progress," Zelnick said during Take-Two Interactive's 2012 annual shareholder meeting.

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