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Fly News Breaks for May 3, 2019
ATVI
May 3, 2019 | 07:38 EDT
Wedbush analyst Michael Pachter reiterated an Outperform rating and $56 price target on Activision Blizzard following the company's Q1 results, saying he believes shares are undervalued. Investors continue to believe that the games industry is hit-driven, and although Pachter says he agrees with Activision management that it can grow revenues from enhanced live services, new business models, and brand extensions, he thinks the after-hours share price decline reflects investor confusion about these concepts. Pachter tells investors that he is confident that new games are in the pipeline, including a Warcraft Mobile title, a new Diablo PC game, a World of Warcraft expansion pack, and a new StarCraft game, and thinks Activision shares will once again begin to appreciate when management acknowledges it is working on these and other titles.
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