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ATVI

Activision Blizzard

$51.35

0.52 (1.02%)

09:14
01/11/19
01/11
09:14
01/11/19
09:14

Activision likely decided to end Bungie agreement, says William Blair

William Blair analyst Ralph Schackart believes the end of the Bungie partnership was likely an Activision Blizzard-driven decision, as Destiny 2 had been underperforming commercial expectations. Despite solid unit sales, it appears the game did not meet expectations on reach and in-game monetization, Schackart tells investors in a research note. He imagines Activision will redeploy developers earmarked to Destiny to existing or new intellectual property that is fully owned. However, the analyst believes last night's announcement, which follows recent management departures, will create more near-term uncertainty. Looking forward, three Blizzard games, Overwatch, Hearthstone, and World of Warcraft are likely to decline in 2019, which made Activision's performance during the year particularly important, says Schackart. Nonetheless, he believes Activision "will ultimately manage through the recent near-term headwinds." He keeps an Outperform rating on Activision Blizzard.

  • 12

    Feb

ATVI Activision Blizzard
$51.35

0.52 (1.02%)

01/11/19
STFL
01/11/19
NO CHANGE
STFL
Buy
Stifel sees limited FY19 financial impact to Activision from giving up Destiny
After Activision Blizzard announced last night that it plans for Bungie to assume full publishing rights for the Destiny franchise, Stifel analyst Drew Crum said he thinks the financial impact on his published 2019 estimates will be limited. The separation makes sense, as the relationship with Bungie seemingly deteriorated following what Activision management described as a disappointing performance for "Destiny 2: Forsaken" and Crum thinks this should free up resources to develop new IP and support existing franchises, such as Call of Duty live services, he said. He maintains a Buy rating on Activision Blizzard shares.
01/11/19
MSCO
01/11/19
NO CHANGE
MSCO
Overweight
More pipeline uncertainty to weigh on Activision multiple, says Morgan Stanley
After Activision Blizzard announced that Bungie would be taking over full publishing rights and responsibilities for the Destiny franchise, Morgan Stanley analyst Brian Nowak said he views this as in part due to a decision to reallocate resources away from Destiny, which has been recently underperforming the company's and his expectations. He estimates the impact to 2019 EPS to be only about 3%, but thinks that higher pipeline uncertainty, recent execution missteps and management departures will weigh on the stock's multiple. Nowak keeps an Overweight rating on Activision Blizzard shares, but said his model in under review.
01/11/19
MKMP
01/11/19
NO CHANGE
Target $48
MKMP
Neutral
Activision Blizzard price target lowered to $48 from $68 at MKM Partners
MKM Partners analyst Eric Handler lowered his price target on Activision Blizzard to $48 and kept his Neutral rating, citing the company's "reduced financial visibility and limited capital appreciation potential" for 2019. The analyst notes that the company's portfolio is "in need of being reinvigorated, especially with Live Service", but expects 2019 to be a year of transition for Activision Blizzard as it scales down its "non-franchise games". Handler further warns that the company's earnings could decline by high-single to low-double digits in FY19, which would require a "significant downward revision in Street estimates."
01/11/19
BMOC
01/11/19
NO CHANGE
Target $52
BMOC
Market Perform
Activision Blizzard price target lowered to $52 from $60 at BMO Capital
BMO Capital analyst Gerrick Johnson lowered his price target on Activision Blizzard to $52 after its announcement that it will turn the development rights to Destiny franchise to Bungie. The analyst also lowers his FY19 EPS view by 5c to $2.60 to reflect the decision while keeping his Market Perform rating on the stock. Johnson adds that while the economics of publishing Destiny games may have turned, he ponders whether the move is "too soon on what, just a few years ago, seemed a crown jewel in the Activision Publishing portfolio."

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EFSC

Enterprise Financial

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0.99 (2.45%)

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FB

Facebook

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1.77 (1.19%)

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FB

Facebook

$150.01

1.77 (1.19%)

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ENB

Enbridge

$36.10

0.425 (1.19%)

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LIN

Linde plc

$160.76

3.48 (2.21%)

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  • 28

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HENKY

Henkel

$0.00

(0.00%)

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CAG

Conagra Brands

$21.58

0.34 (1.60%)

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  • 22

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General news
IMF trimmed global growth amid "no-deal" Brexit and trade war concerns »

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UQM

UQM Technologies

$1.10

0.05 (4.76%)

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SNY

Sanofi

$41.50

-0.54 (-1.28%)

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RTN

Raytheon

$165.11

2.285 (1.40%)

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IBCP

Independent Bank

$22.80

-0.11 (-0.48%)

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Independent Bank boosts quarterly dividend by 20% to 18c »

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  • 29

    Jan

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EDIT

Editas Medicine

$26.16

-0.01 (-0.04%)

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GOOG

Alphabet

$1,098.25

6.96 (0.64%)

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Alphabet Class A

$1,106.92

7.52 (0.68%)

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GOOG

Alphabet

$1,098.25

6.96 (0.64%)

GOOGL

Alphabet Class A

$1,106.92

7.52 (0.68%)

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LAD

Lithia Motors

$87.13

1.57 (1.84%)

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Conference/Events
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CYDY

CytoDyn

$0.00

(0.00%)

10:25
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CytoDyn participates in lunch meeting with Philadelphia Securities »

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  • 21

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ABT

Abbott

$71.43

0.9 (1.28%)

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SFUN

Fang Holdings

$1.88

-0.01 (-0.53%)

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TS

Tenaris

$24.32

0.64 (2.70%)

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PAAS

Pan American Silver

$14.17

-0.31 (-2.14%)

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CRWS

Crown Crafts

$5.68

(0.00%)

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