Activision Blizzard (ATVI) Announces Acquisition of King Digital; Cowen Reiterates Outperform
Cowen reiterated an Outperform rating and $35.00 price target on Activision Blizzard (NASDAQ: ATVI) following the company's announcement that they are buying King Digital. Cowen believes that this deal is an absolute steal for Activision and immediately vaults them to being one of the top mobile gaming companies in the world.
Analyst Doug Creutz commented, "Activision Blizzard announced last night that it is buying leading mobile game developer King Digital for $18 per share in cash, or $5.9B. We believe this deal is an absolute steal for Activision and immediately vaults them to being one of the top mobile gaming companies in the world. Activision also preannounced strong Q3 upside. We reiterate our Outperform rating on ATVI."
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Shares of Activision Blizzard closed at $34.57 yesterday.