Activision Blizzard (ATVI) PT Raised to $55 at Jefferies
Jefferies US Interactive Entertainment Team reiterated a Buy rating and raised his price target on Activision Blizzard (NASDAQ: ATVI) to $55.00 (from $45.00)
They commented, "Overwatch has already generated $500MM in sales since its launch in May, well ahead of our prior $400MM estimate for the full year. Additionally, the game will feature limited-time events designed to encourage in-game spending, suggesting Overwatch will be contributing high-margin digital revenue on a year-round basis. Call of Duty will be the focus through year-end; preorders are down, but ASP is up. ATVI remains a Franchise Pick."
FY 2016 EPS goes from $1.80 to $1.90 and FY 2017 from $2.02 to $2.03.
Shares of Activision Blizzard closed at $40.83 yesterday.