Mizuho Securities Reiterates Buy on Activision Blizzard (ATVI) Following 3Q
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Mizuho Securities reiterated a Buy rating and $48.00 price target on Activision Blizzard (NASDAQ: ATVI) following the company's 3Q earnings report. A|B reported revenue of $1.63b, surpassing Street expectations by 4%, or $60m. Non-GAAP EPS was $0.52, significantly ahead of the Street estimates of $0.42. For 4Q, the company guided to revenue of $2.38b and EPS of $0.74, behind expectations for $2.48b/$0.80.
Analyst Neil Doshi commented, "ATVI posted a strong quarter, materially beating revenue/EPS Street expectations by 4% and 24% respectively. While the company's 4Q guide came in below expectations, we believe there is upside potential with strong early signs for Call of Duty: Infinite Warfare, especially with its higher priced bundle with Modern Warfare Remastered. With BlizzCon later today, we could get a peek into Blizzard's launch plans for 2017 which could give investors more comfort around the 2017 game slate for ATVI."
Shares of Activision Blizzard closed at $43.37 yesterday.
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