Activision Blizzard (ATVI) PT Lowered to $87 at Benchmark on Bungie News
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Benchmark analyst Mike Hickey lowered the price target on Activision Blizzard (NASDAQ: ATVI) to $87.00 (from $93.00) while maintaining a Buy rating after the company announced plans for Bungie to assume full publishing rights and responsibilities for the Destiny franchise; Bungie will own and develop the franchise.
"We have retracted $177M and $496M in sales from the Destiny franchise for fiscal 2019 and 20, respectively," Hickey commentas. "ATVI is continuing a clandestine restructuring, in our view, including recent and ongoing management reshuffle, Blizzard cost cutting, franchise abandonment and ongoing headcount reductions."
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