Activision Blizzard (ATVI) PT Raised to $52 at UBS
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UBS analyst Eric Sheridan reiterated a Buy rating and raised his price target on Activision Blizzard (NASDAQ: ATVI) to $52.00 (from $50.00) following strong Q2 results.
Sheridan commented, "In its Q2 results, ATVI exceeded expectations across the board on the back of both software sales & engagement in its recent Overwatch launch (15mm players & 500mm hours played) and the solid execution around the King acquisition (MAUs soft but bookings strong). Looking forward, we see sustained success for ATVI in the multi-year monetization of Overwatch and Destiny, better than feared performance ahead for Call of Duty and best days ahead on both bookings and the ad opportunity for the King franchises. Against the backdrop of the 1H'16 operating beats, we continue to view ATVI's forward FY guidance as conservative (especially with continued Overwatch monetization, World of Warcraft expansion & King mobile levers ahead). With investors having absorbed recent accounting adjustments for the video game space, we see a renewed focus on the video game industry within the prism of media engagement trends, FCF conversion of game monetization & capital allocation levers."
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 EntitiesUBS, Definitive Agreement
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