UPDATE: MKM Partners Upgrades Activision Blizzard (ATVI) to Buy

MKM Partners analyst Eric O. Handler upgraded Activision Blizzard (NASDAQ: ATVI) from Neutral to Buy with a price target of $95.00.

The analyst comments "Upgrading to Buy from Neutral: In our view, Activision's shares are severely discounting the fundamental improvements being seen with its business and the strong growth potential in 2023. Right now, the company's shares appear much more linked to the perception of whether its acquisition by Microsoft gets approved, a transaction which the market views with skepticism. We continue to believe the deal will be approved, with investors being able to achieve 28% upside from current levels. However, if the transaction was denied, in our view, the shares should merit an $85 fundamental value (based on 18x our 2023E EPS plus a net cash of ~$13 p/s) providing 15% capital appreciation potential."

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 $73.96 yesterday.

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