Stifel Ups Activision Blizzard (ATVI) PT to $118 and Keeps on Select List
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Stifel analyst Drew Crum raised the price target on Activision Blizzard (NASDAQ: ATVI) to $118.00 (from $108.00) after the company announced 4Q results that were mixed relative to expectations but showed growth across core franchises (Call of Duty, World of Warcraft, and Candy Crush).
The analyst maintained a Buy rating, stating "We believe this update provided further affirmation around the company's intent to accelerate its presence on mobile (about 1/3 of net bookings), a segment of the market that we're bullish on and hence a reason we have/and continue to favor Activision Blizzard. This includes 1) Call of Duty: Mobile in mainland China (launched in December); 2) Crash Bandicoot: On The Run! (March release); 3) Diablo Immortal (4Q21 release; Stifel est.); and 4) F2P mobile experiences based on the Warcraft franchise that are in "advanced development" (this was incremental)."
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