BMO Capital Upgrades Activision Blizzard (ATVI) to Outperform

(Updated - September 4, 2019 6:14 AM EDT)

(updated to add analyst comments)

BMO Capital analyst Gerrick Johnson upgraded Activision Blizzard (NASDAQ: ATVI) from Market Perform to Outperform with a price target of $60 (from $43).

The analyst commented, "We are upgrading shares of Activision-Blizzard (ATVI) to Outperform from Market Perform with a revised target price of $60 (from $43). We are raising our earnings estimates (2020E to $3.00 from $2.50) owing to stronger conviction that the company's restructuring efforts and investments in core games like Call of Duty and World of Warcraft will generate an improvement in financial performance. We also think that, as investors get more comfortable with the turnaround story and as new catalysts develop, ATVI's valuation multiple will expand."

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 $51.80 yesterday.

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