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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.

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INSY

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RCM

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0.16 (1.96%)

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INTC

Intel

$49.23

0.76 (1.57%)

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ONCS

OncoSec

$0.71

0.0134 (1.93%)

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  • 23

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D

Dominion

$68.75

-0.15 (-0.22%)

07:35
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07:35
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Dominion rating change  »

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UBSH

Union Bankshares

$32.50

0.14 (0.43%)

07:35
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  • 22

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JD

JD.com

$23.25

1.12 (5.06%)

, INTC

Intel

$49.23

0.76 (1.57%)

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$23.25

1.12 (5.06%)

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Wynn Resorts

$115.19

0.94 (0.82%)

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Nike

$80.45

1.33 (1.68%)

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Cronos Group

$14.89

1.25 (9.16%)

MGM

MGM Resorts

$28.55

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AUY

Yamana Gold

$2.31

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UAA

Under Armour

$20.50

0.47 (2.35%)

I

Intelsat

$21.15

-1.26 (-5.62%)

APC

Anadarko

$48.68

0.61 (1.27%)

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INCY

Incyte

$78.44

-0.22 (-0.28%)

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  • 24

    Feb

AMBR

Amber Road

$8.45

0.19 (2.30%)

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CORV

Correvio

$3.24

0.365 (12.70%)

07:34
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OBSV

ObsEva

$13.72

0.22 (1.63%)

07:33
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  • 23

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TGP

Teekay LNG

$12.80

0.23 (1.83%)

07:33
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CABO

Cable One

$850.40

8.96 (1.06%)

07:32
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BRDCY

Bridgestone

$0.00

(0.00%)

07:32
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NVCN

Neovasc

$0.75

0.0001 (0.01%)

, EW

Edwards Lifesciences

$168.41

9.29 (5.84%)

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EW

Edwards Lifesciences

$168.41

9.29 (5.84%)

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STT

State Street

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WERN

Werner

, KNX

Knight-Swift

$32.69

1.005 (3.17%)

07:30
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KNX

Knight-Swift

$32.69

1.005 (3.17%)

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  • 06

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PANW

Palo Alto Networks

$203.29

0.06 (0.03%)

, FTNT

Fortinet

$70.50

-2.1 (-2.89%)

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Palo Alto Networks

$203.29

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FTNT

Fortinet

$70.50

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  • 24

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AIG

AIG

$44.15

0.86 (1.99%)

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IMMU

Immunomedics

$13.31

-4.75 (-26.30%)

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GPRO

GoPro

$4.92

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