Activision Blizzard (ATVI): Raising PT - Benchmark
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Benchmark analyst, Mike Hickey, reiterated his Buy rating on shares of Activision Blizzard (NASDAQ: ATVI) after the company reported sales that were $1,609M (Guide: $1,375M / Street: $1,448M / Benchmark: $1,378M) over adjusted EPS were $0.54 (Guide: $0.38 / Street: $0.42 / Benchmark: $0.38).
Key performance drivers included: Overwatch, catalog and digital sales (COD, King, etc.). The Company’s Overwatch release has exceeded expectations, with an est. 15M players LTD and #4 on Twitch.
The analyst views the Company’s risk / reward as positive; he anticipates a more challenging valuation growth profile over a more competitive holiday sales environment, medium term growth concerns and a recent positive valuation reset (69% off 52 week low).
That said, he remains bullish on the current gen console market and suspects upcoming console launches as an incremental growth opportunity. The executive team is strong and determined to drive growth with the guidance as generally conservative.
The price target increases to $45.56 (from $40.52).
Shares of Activision Blizzard closed at $40.56 yesterday.
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