BMO Capital analyst Gerrick Johnson lowered his price target on Activision Blizzard to $40 and kept his Market Perform rating after its significantly-below-consensus FY19 guidance. The analyst notes that while the market was prepared for a weak guide, a wide restructuring plan, and cost reductions through job cuts, he sees the company faced with persisting challenges exacerbated by "a sparse release slate and demoralized workforce." Johnson recommends that investors "resist the urge to call this a bottom" after the stock was bid up by over 10% from this week's low above $45 per share.