Activision Blizzard (ATVI) PT Raised to 'Street High' $85 at Benchmark; 'COD, Strong Engagement Should Drive Upside'
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Benchmark analyst Mike Hickey raised the price target on Activision Blizzard (NASDAQ: ATVI) to a 'Street High' $85.00 while maintaining a Buy rating.
The analyst commented, "We anticipate ATVI will deliver better than consensus performance for F2Q20 and raise FY20 financial view, benefiting from the Call of Duty full spectrum digital ecosystem; global, frontline, in-game, mobile, advertising and esports. We estimate Warzone has added +30M non-MW players to the game and believe ATVI has been successful in converting these players to COD premium. ATVI should continue to drive performance growth and advance from an increase in players, elevated engagement, monetization and an accelerated trend toward digital that could provide long term sustained benefits. We had to gut our F2H20 projections to make it under FY20 guidance; we would anticipate the potential for on-going financial upside. We reiterate our Buy rating and raise our PT to $85."
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