Jefferies analyst Timothy O'Shea lowered his price target for Activision Blizzard to $60 from $85 but says the stock remains a top pick with a Buy rating. It now appears Blizzard won't launch a major game in 2019, and Destiny 3 is no longer coming in 2020, O'Shea tells investors in a research note partially titled "Hitting the Reset Button." As such, the analyst reduced his 2019 and 2020 earnings per share estimates by 14% and 8%, respectively. However, it is likely that Activision has a game to "plug the hole" left by Destiny, with Blizzard potentially having two games for 2020, says the analyst. Further, he believes all of this news fully priced into the stock. O'Shea views the current 14.6 times multiple as an attractive entry point and keeps a Buy rating on Activision Blizzard.