Activision Blizzard (ATVI) PT Lowered to $26 at Jefferies
Jefferies US Interactive Entertainment Team reiterated a Buy rating on Activision Blizzard (NASDAQ: ATVI) but lowered its price target to $26.00 (from $27.00) following solid Q4 but a dampened outlook due to FX.
The team commented, "Activision delivered a holiday beat with solid contributions from Call of Duty (which sold-through $1B+), Skylanders, Destiny, WoW, and Hearthstone. Fundamentals look strong; we remain optimistic around the games. But our enthusiasm is dampened by 2015 outlook, which reflects meaningful negative pressure from FX."
Shares of Activision Blizzard closed at $21.82 yesterday.