Activision Blizzard (ATVI) PT Raised to $55 at Morgan Stanley; Sees $100M Annual Opportunity from Ads/Licensing
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Morgan Stanley raised its price target on Activision Blizzard (NASDAQ: ATVI) to $55.00 (from $54.00) while maintaining a Overweight rating.
Analyst Brian Nowak said his deep dive reveals an $100M annual revenue opportunity driven by content ads/licensing and sponsorships.
Nowak's bull case for eSports could add $0.37 in annual EPS. His PT does not incorporate the eSports franchise, but his estimated $8B ($11/share) valuation speaks to the optionality within the ATVI story and he sees 45% upside if the segment succeeds.
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