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Fly News Breaks for May 26, 2016
ATVI
May 26, 2016 | 07:22 EDT
The Jefferies U.S. Interactive Entertainment Team says Activision Blizzard's Overwatch looks like a hit game. They see "meaningful upside" relative to Street's estimates that Overwatch will sell 5M-7M units in Q2. If the game sells 10M units, the analysts estimate $200M-$250M of revenue upside and 7c-9c of earnings upside in the quarter. They point out that a lock-up expiration on June 8 for ASAC II LP, representing 23% of the shares, is a near-term risk. Jefferies keeps a Buy rating on Activision with a $45 price target.
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