Mizuho Securities Reiterates Buy on Activision Blizzard (ATVI) Following 3Q

November 4, 2016 7:31 AM EDT
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Price: $39.08 --0%

Rating Summary:
    20 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 23 | Down: 31 | New: 14
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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."

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 $43.37 yesterday.

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