Stephens Downgrades Activision Blizzard (ATVI) to Equal Weight

Stephens analyst Jeff Cohen downgraded Activision Blizzard (NASDAQ: ATVI) from Overweight to Equal Weight with a price target of $52.00 (from $57.00).

• Says trouble in Call of Duty pipeline brings into question 202 bull case thesis.
• "While we still expect 2019 to be the trough of earnings power for ATVI, we are lowering our PT to $52 and moving to Equal-Weight(Vol) for now as we see more risk to our 2020 upside case and we do not anticipate having any additional visibility into Blizzard's pipeline until BlizzCon in November."

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 $43.45 yesterday.

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