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ATVI

Activision Blizzard

$46.10

-5.25 (-10.22%)

11:03
01/11/19
01/11
11:03
01/11/19
11:03

Activision Blizzard price target cut to $69 from $75 at Baird

Baird analyst Colin Sebastian lowered his price target on Activision Blizzard to $69 from $75 following yesterday's announcement that the company is ending the Destiny contract with Bungie. In a research note to investors, Sebastian, who maintains an Outperform rating on shares, says that while the news and timing was unexpected, "it was not altogether surprising" given the declining performance of the franchise, Activision's history of pulling the plug on underperforming games, and management's desire to reduce costs. He thinks that the value of Destiny to Activision is "meaningfully" less than the 12% reduction in market cap and sees the decision having a negative impact of roughly $300M in revenue and roughly 15c in EPS for 2019.

  • 12

    Feb

ATVI Activision Blizzard
$46.10

-5.25 (-10.22%)

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."
01/11/19
WBLR
01/11/19
NO CHANGE
WBLR
Outperform
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.
01/11/19
01/11/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Activision Blizzard (ATVI), Take-Two (TTWO), Electronic Arts (EA), Glu Mobile (GLUU) were initiated with an Overweight at Stephens, while the analyst also initiated Zynga (ZNGA) and Ubisoft (UBSFY) with an Equal Weight. 2. Domino's Pizza (DPZ) initiated with an Outperform at Cowen. 3. Okta (OKTA) and Zscaler (SZ) initiated with an Overweight at Piper Jaffray. 4. Lennar (LEN), D.R. Horton (DHI) and NVR (NVR) initiated with a Buy and KB Home (KBH), PulteGroup (PHM), Hovnanian (HOV) and Toll Brothers (TOL) initiated with a Neutral at Buckingham. 5. VMware (VMW) reinstated with a Neutral at Goldman SachsThis list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

BID

Sotheby's

$41.07

-0.27 (-0.65%)

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VAR

Varian Medical

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1.57 (1.25%)

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ISCA

International Speedway

$44.15

-0.09 (-0.20%)

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WB

Weibo

$52.25

-0.25 (-0.48%)

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General news
ECB keeps key rates unchanged, sees rates steady at least through summer 2019 »

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TOWN

TowneBank

$26.60

-0.01 (-0.04%)

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FISV

Fiserv

$80.62

2.32 (2.96%)

, FDC

First Data

$23.73

0.66 (2.86%)

07:44
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FISV

Fiserv

$80.62

2.32 (2.96%)

FDC

First Data

$23.73

0.66 (2.86%)

03/08/13
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  • 03

    Mar

ATVI

Activision Blizzard

$46.01

-1.03 (-2.19%)

07:43
01/24/19
01/24
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07:43
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Activision Blizzard analyst commentary  »

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  • 24

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AAL

American Airlines

$31.57

-1.18 (-3.60%)

07:41
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Hot Stocks
American Airlines reports Q4 PRASM up 1.4% »

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  • 24

    Jan

ERMAY

Eramet

$0.00

(0.00%)

07:41
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Eramet rating change  »

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EIX

Edison International

$54.93

0.75 (1.38%)

07:41
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FANH

Fanhua

$23.74

1.22 (5.42%)

07:40
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Fanhua announces correction to January 22 press release »

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AAL

American Airlines

$31.57

-1.18 (-3.60%)

07:40
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American Airlines sees Q1 TRASM flat to up approximately 2.0% y/y »

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  • 24

    Jan

ASND

Ascendis Pharma

$73.16

-0.47 (-0.64%)

07:40
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THLEF

Thales

$0.00

(0.00%)

07:40
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DUAVF

Dassault Aviation

$0.00

(0.00%)

07:40
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AAL

American Airlines

$31.57

-1.18 (-3.60%)

07:39
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Earnings
Breaking Earnings news story on American Airlines »

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  • 24

    Jan

TXN

Texas Instruments

$95.49

-1.05 (-1.09%)

07:38
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  • 25

    Feb

CSFL

CenterState Bank

$24.09

0.32 (1.35%)

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  • 12

    Feb

HUBS

HubSpot

$152.02

0.36 (0.24%)

07:36
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  • 25

    Feb

MCHP

Microchip

$74.31

-0.9 (-1.20%)

07:36
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  • 25

    Feb

VIVO

Meridian Bioscience

$16.77

0.2 (1.21%)

07:36
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Earnings
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  • 24

    Jan

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AAXN

Axon

$48.06

-0.61 (-1.25%)

07:36
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  • 25

    Feb

CHCO

City Holding

$69.91

-0.09 (-0.13%)

07:35
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Earnings
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