UPDATE: Activision Blizzard (ATVI) PT Raised to $121 at Stifel, Guidance Looks Conservative

Stifel analyst Drew E. Crum raised the price target on Activision Blizzard (NASDAQ: ATVI) to $121.00 (from $119.00) after the company reported EPS of $0.84, ahead of consensus ($0.70), and guidance ($0.65). The favorable variance was based on top line upside with net bookings of $2.066 billion (+36% y/y; vs. Stifel est. $1.787 billion).

The analyst reiterated a Buy rating, believing that current guidance leaves room for upside, stating "A key takeaway from this update (in our opinion) was '21 guidance was increased, although it does NOT embed the entire 1Q beat, but instead reflects some caution for the 2H. Specifically, the company is now forecasting non-GAAP EPS of $3.70 (vs. $3.60 previously) on net bookings of $8.600 billion (vs. $8.450 billion previously) which assumes 2H is down -3% y/y. Note: 1Q21 non-GAAP EPS and net bookings exceeded guidance by $0.19 and $316 million, respectively."

You May Also Be Interested In

• Day One Biopharmaceuticals (DAWN) PT Raised to $38 at Jones Trading on OJEMDA approval, sees $900M peak sales
• Bilibili (BILI) PT Raised to $13.50 at Citi
• Ping An Insurance (2318:HK) (PNGAY) PT Raised to HK$54.41 at Nomura/Instinet