Stephens analyst Jeff Cohen said he is bullish on the video game publishers heading into the new console launches expected in Holiday 2020 as he expects strong adoption and accelerating digital download penetration. He prefers Electronic Arts (EA) and Ubisoft (UBSFY) over Activision (ATVI) and Take-Two (TTWO) as they are cheaper and have more potential for upside given their more robust release slates over the next 12 months, Cohen tells investors. Given this broader view on the space, he upgraded Ubisoft to Overweight from Equal Weight ahead of the company's fiscal 2021, which begins April 2020. Ubisoft's history of fixing games after launch gives him confidence that the additional polish on their delayed titles will lead to critical success, he stated. Cohen also downgraded Take-Two to Equal Weight from Overweight, stating that it is not clear that they will have a blockbuster non-sports title within the company's currently announced FY21 release slate. Cohen cut his price target on Take-Two shares to $110 from $145 and upped his price target on Ubisoft shares to EUR85 from EUR60.

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