Activision Blizzard (ATVI) PT Raised to $46 at Piper Jaffray on Upside Driven by Overwatch and Call of Duty DLC

August 5, 2016 7:04 AM EDT
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Price: $38.97 +0.28%

Rating Summary:
    20 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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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."

For an analyst ratings summary and ratings history on Activision Blizzard click here. For more ratings news on Activision Blizzard click here.

Shares of Activision Blizzard closed at $40.83 yesterday.

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Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change

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Piper Jaffray, Michael Olson

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