Cowen Raises Price Target on Activision Blizzard (ATVI) Following 2Q Results

Cowen reiterated an Outperform rating on Activision Blizzard (NASDAQ: ATVI), and raised the price target to $28.00 (from $27.00), following 2Q results. Non-GAAP revenue of $759MM easily beat $650MM guidance. EPS of $0.13 beat $0.07 guidance.

Analyst Doug Creutz commented, "Activision Blizzard reported substantial upside in Q2 as newer products more than offset continued declines from World of Warcraft. The company raised guidance meaningfully, which we still think looks conservative. We are raising our estimates and our PT from $27 to $28, and we reiterate the name as our top idea in the console gaming space."

For an analyst ratings summary and ratings history on Activision Blizzard click here. For more ratings news on Activision Blizzard click here.

Shares of Activision Blizzard closed at $25.67 yesterday.

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