Activision Blizzard (ATVI) PT Raised to $46 at Piper Jaffray on Upside Driven by Overwatch and Call of Duty DLC
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Piper Jaffray analyst Michael Olson reiterated an Overweight rating and lifted his price target on Activision Blizzard (NASDAQ: ATVI) to $46.00 (from $42.00) following Q2 upside on Overwatch and Call of Duty DLC.
Olson commented, "Activision's Q2'16 results were above consensus and mgmt. raised FY16 guidance. Q2 EPS of $0.54 and revenue of $1,609M beat the Street by 29% and 10%, respectively (Street $0.42 on $1.45B), primarily due to a strong launch of Overwatch and strong sellthrough of Call of Duty DLC. The company raised FY16 guidance to $1.90 on $6.475B, up $0.12 and $200M, vs. the Street at $1.88 on $6.35B. We believe guidance still factors in a healthy layer of conservatism. The company has beaten original FY EPS outlook by an average of 19% since '09 and, in addition to typical conservatism, we think Activision is positioned to make the King deal materially accretive to EPS. Reiterate OW, PT to $46."
Shares of Activision Blizzard closed at $40.83 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesPiper Jaffray, Michael Olson
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