Activision Blizzard (ATVI) Target Cut at Piper Jaffray as Call of Duty Sales Plunge in November

December 12, 2014 8:59 AM EST
Get Alerts ATVI Hot Sheet
Price: $38.02 --0%

Rating Summary:
    18 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 1 | Down: 0 | New: 5
Trade ATVI Now!
Join SI Premium – FREE

Piper Jaffray analyst Michael Olson lowered his price target on Overweight Activision Blizzard (NASDAQ: ATVI) to $24.00 (from $27.00) while maintaining an Overweight rating following weak NPD data.

Olson commented, "November NPD was released last night and Activision NPD sales fell 22% y/y in the month, with Call of Duty down 27%. This is disappointing data following first week Call of Duty: Advanced Warfare sales showing a y/y increase. NPD data does not include digital copies or international sales, which, if included, would lessen the y/y decline, but we believe this data suggests potential for Q4 revenue upside is now very low. Strength in the Blizzard side of the business (WoW & HearthStone) should allow for an in-line Q4, but we are slightly lowering our estimates to now be in-line with company guidance. The company's outlook anticipated a y/y decline in Call of Duty, so we do not believe these reduced numbers are at risk."

The firm cut FY 2014 EPS from $1.36 to $1.35.

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 $20.34 yesterday.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In






Related Categories

Analyst Comments, Analyst EPS Change, Analyst PT Change

Related Entities

Piper Jaffray, Michael Olson

Add Your Comment