Morgan Stanley analyst Brian Nowak said Activision Blizzard is taking "difficult, necessary and smart" steps to refocus, stating that he would rather see the company invest behind its strength to create more content, engagement, and monetization opportunities given his view that "there are no "B" gaming titles, only As and Ds." It is now time to execute and timing and performance uncertainty will likely limit the stock's outperformance until the company can deliver another hit game, added Nowak, who lowered his price target on Activision Blizzard shares to $55 from $60 and keeps an Overweight rating.