Stephens Upgrades Activision Blizzard (ATVI) to Overweight, 'Buy Ahead of Catalyst Heavy Fall'

Stephens analyst Jeff Cohen upgraded Activision Blizzard (NASDAQ: ATVI) from Equal Weight to Overweight with a price target of $65.00 (from $52.00).

The analyst comments "We believe 2019 numbers are now de-risked due to the successful launch of WoW Classic and the announcement of a Nintendo Switch port for Overwatch (launching October 15th). We anticipate further positive announcements at BlizzCon (in November) on the company's upcoming game slate. Further, we are encouraged by Activision's commitment to reinvigorating core franchises through an increasing pace of content updates, which is already showing signs of early success. Our downgrade in May was predicated on development challenges for CoD 2020 and lack of visibility into Blizzard’s pipeline. While we are still awaiting further updates on CoD’s development given changes to the studio rotation, we have more confidence in Blizzard’s pipeline based on the content updates we’ve seen since May."

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 $54.55 yesterday.

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