Baird analyst Colin Sebastian lowered his price target on Activision Blizzard to $69 from $75 following yesterday's announcement that the company is ending the Destiny contract with Bungie. In a research note to investors, Sebastian, who maintains an Outperform rating on shares, says that while the news and timing was unexpected, "it was not altogether surprising" given the declining performance of the franchise, Activision's history of pulling the plug on underperforming games, and management's desire to reduce costs. He thinks that the value of Destiny to Activision is "meaningfully" less than the 12% reduction in market cap and sees the decision having a negative impact of roughly $300M in revenue and roughly 15c in EPS for 2019.