Activision Blizzard (ATVI) PT Lowered to $105 at Oppenheimer
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Oppenheimer analyst Andrew Uerkwitz lowered the price target on Activision Blizzard (NASDAQ: ATVI) to $105.00 (from $110.00) while maintaining an Outperform rating.
The analyst commented, "Working from home, unhappy employees, and leadership changes should all have a negative impact on productivity for game developers. We were impressed by ATVI's better-than-consensus 2Q results and newly raised 2021 annual guidance. However, the recently reported workplace toxicity and long-running cultural issues at ATVI are disturbing and disheartening. Management took prompt remedial measures, but it is unclear what measurable milestones ATVI will use to demonstrate real improvement over time. For now, we would not bet against the quality and global scale of CoD, King, and Blizzard franchises. We reiterate our Outperform but trim our price target from $110 to $105."
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