Activision Blizzard (ATVI) Target Cut at Piper Jaffray as Call of Duty Sales Plunge in November
- Wall Street closes rollercoaster week sharply lower
- Invesco (IVZ) Reportedly in Talks to Merge With State Street's (STT) Asset Management Business, Citi Sees More Cons than Pros
- FDA Votes "No" on Pfizer (PFE) Booster for 16+ Age Group, 2 Yes 16 No
- Jefferies Raises Price Targets on Alphabet (GOOGL) and Facebook (FB) as They Are Still Inexpensive Relative to Growth, Reiterates Snap (SNAP) as a Best Growth Idea
- Tesla (TSLA) Could Deliver 900K EV Units This Year and 1.3M in 2022 - Wedbush
Piper Jaffray analyst Michael Olson lowered his price target on Overweight Activision Blizzard (NASDAQ: ATVI) to $24.00 (from $27.00) while maintaining an Overweight rating following weak NPD data.
Olson commented, "November NPD was released last night and Activision NPD sales fell 22% y/y in the month, with Call of Duty down 27%. This is disappointing data following first week Call of Duty: Advanced Warfare sales showing a y/y increase. NPD data does not include digital copies or international sales, which, if included, would lessen the y/y decline, but we believe this data suggests potential for Q4 revenue upside is now very low. Strength in the Blizzard side of the business (WoW & HearthStone) should allow for an in-line Q4, but we are slightly lowering our estimates to now be in-line with company guidance. The company's outlook anticipated a y/y decline in Call of Duty, so we do not believe these reduced numbers are at risk."
The firm cut FY 2014 EPS from $1.36 to $1.35.
Shares of Activision Blizzard closed at $20.34 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Lloyds Banking Group Plc. (LLOY:LN) (LYG) PT Raised to GBP0.60 at Deutsche Bank
- Aeroflot (AFLT:MM) PT Lowered to RUR92 at Goldman Sachs
- SUSE S.A. (SUSE:GR) PT Raised to EUR41 at Deutsche Bank
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesPiper Jaffray, Michael Olson
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!