JPMorgan analyst Alexia Quadrani upgraded Activision Blizzard to Overweight while lowering her price target for the shares to $66 from $72. The stock is down 45% from an all-time high in early October, and now trades at 16.5 times forward consensus earnings, compared to 25.5 times and 23.0 times on average over the prior one and three year periods, Quadrani tells investors in a research note. The analyst thinks investors are now overly focused on short term execution and growth, creating an attractive entry point "for what remains a compelling long-term story driven by a secular shift to digital, extension of core IP to mobile, an expanding console and player base and continued innovation in live services." She also believes the current valuation gives Activision little credit for options such as King advertising, Esports expansion and revenue growth, or new mobile titles.