Activision Blizzard (ATVI) Target Cut at Piper Jaffray as Call of Duty Sales Plunge in November
- Wall Street rises in wake of first presidential face-off
- Unusual 11 Mid-Day Movers 9/27: (GI) (DRRX) (KTOV) Higher; (CVM) (CZR) (AOI) Lower
- Boston Scientific (BSX) to Acquire EndoChoice (GI) in ~$210M Deal
- Oil down 3 percent as Saudis say no chance for Algiers deal
- Dollar gains against euro on Deutsche Bank fears, falls vs Mexican peso
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.
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
- Seaport Global Securities Downgrades Regal Beloit (RBC) to Neutral
- Imperial Capital Raises Price Target on ARC Group Worldwide (ARCW) to $4
- Stifel Raises Price Target on SYNNEX Corp. (SNX) to $104 Following 3Q Beat and Raise
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesPiper Jaffray, Michael Olson
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!