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) and raised his price target to $49.79 from $45.56. After meeting with the company at the Benchmark Conference, the analyst believes key releases have exceeded his expectations for the current fiscal ‘Q3 quarter. That said, he remains cautious toward fiscal ’17 due to the presumed lack of new releases from Blizzard. He is more optimistic for fiscal ’18 growth when both Blizzard and King could generate considerable growth.
The increased price target is based on 25x 2017 EPS, up from 23x + net cash per share.
Shares of Activision Blizzard closed at $44.13 yesterday.
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