Oppenheimer Remains Bullish as Activision Blizzard (ATVI) Reports 3Q
- Wall Street again marks new highs in post-election run
- Broadcom Ltd. (AVGO) Tops Q4 EPS by 11c
- Restoration Hardware (RH) Tops Q3 EPS by 4c; Guides Well Below the Street
- Unusual 11 Mid-Day Movers 12/8: (COOL) (TLRD) (DRAM) Higher; (SHIP) (OHRP) (MLSS) Lower
- After-Hours Stock Movers 12/08: (FNSR) (AVGO) (GLPG) Higher; (XTLY) (RH) (DLTH) Lower (more...)
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
Oppenheimer maintained an Outperform rating and $53.00 price target on Activision Blizzard (NASDAQ: ATVI) following the company's 3Q earnings report. Adjusted revenues and EPS of $1,630M and $0.52 beats consensus of $1,567M/$0.42. Activision revenues were down 36% Y/Y, Blizzard was up 97% Y/Y thanks to strong performance of Overwatch.
Analyst Andrew Uerkwitz commented, "ATVI F3Q16's adjusted revenues/EPS of $1,630M/$0.52 (GAAP revenues of $1,568M/$0.26) beats consensus of $1,567M/$0.42E and our $1,499M/$0.40E. Combined revenues and operating income from Activision and Blizzard reached 3Q and year-to-date records. Highlight of the quarter was again the strong engagement trends across core franchises. Management continues to execute well, resulting in increasing digital in-game purchases, faster-growing traction of eSports events, and franchise IP expansion into new markets. Mobile game (King) MAU saw another quarter of sequential decline, but King managed to maintain Y/Y growth in time spent per user and average revenue per paying user. Given management's strong execution and core franchise momentum, we reiterate our Outperform rating and $53 price target."
Shares of Activision Blizzard closed at $43.37 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- MKM Partners Raises Price Target on Ciena (CIEN) to $30 Following 4Q
- Stifel Raises Price Target on Clean Harbors (CLH) to $60; Reiterates Buy
- Oppenheimer Remains Sidelined on H&R Block (HRB) Following 2Q Report
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View
Related EntitiesEarnings, Andrew Uerkwitz
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!