Needham analyst Laura Martin lowered her price target on Activision Blizzard to $50 after its mixed Q4 results and "materially lower" outlook for Q1 and FY19. The analyst cites the company's announced layoffs with a related $150M restructuring charge and the need to re-organize its underperforming assets, with added concerns about its lack of a blockbuster title this year and anticipated sales decline for its franchise Call of Duty: Black Ops 5 game. Longer term, Martin kept her Buy rating on Activision Blizzard, pointing to its complete ownership of its IP, exposure to "large, global, super-fan communities", growth of the Overwatch League entering its 2nd season, and diverse revenue streams with "big moats on hit franchises".