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EA

Electronic Arts

$90.67

-0.38 (-0.42%)

, ATVI

Activision Blizzard

$46.54

-4.81 (-9.37%)

07:52
01/14/19
01/14
07:52
01/14/19
07:52

JPMorgan remains positive on video game sector, prefers EA near term

JPMorgan analyst Alexia Quadrani says she remains positive on the video game sector despite recent volatility and views current valuations as an attractive entry point for patient investors. The long-term bull thesis for Electronic Arts (EA) and Activision Blizzard (ATVI) remains intact, supported by a secular shift from physical to digital sales, extension of core intellectual property to faster growing mobile platforms, continued innovation in live services, and an expanding console and player base, Quadrani tells investors in a research note. The analyst keeps Overweight ratings on both names but prefers Electronic Arts in the near term. Her $130 price target implies 43% upside from current levels.

EA

Electronic Arts

$90.67

-0.38 (-0.42%)

ATVI

Activision Blizzard

$46.54

-4.81 (-9.37%)

  • 12

    Feb

  • 25

    Feb

EA Electronic Arts
$90.67

-0.38 (-0.42%)

12/14/18
NEED
12/14/18
NO CHANGE
Target $100
NEED
Buy
Electronic Arts price target lowered to $100 from $150 at Needham
Needham analyst Laura Martin lowered her price target on Electronic Arts (EA) to $100 given the company's less inspiring game release slate in FY20 relative to FY19, noting that the margins on the Star Wars title expected next year are lower than this year's Battlefield because of Disney (DIS) royalties. The analyst also attributes the lower target to the market repricing of stocks "valued at over 4-times enterprise value to sales". Martin is keeping her Buy rating on Electronic Arts given the ownership of its own IP assets, loyalty of "super-fans", lower risk based on its dependence on title "sequels", and the under-40 age demographic of its target market. The analyst adds that while the company does not have a "Sports game creation problem", the same may not be said about action/adventure game creation.
12/21/18
WEDB
12/21/18
NO CHANGE
Target $275
WEDB
Outperform
Apple, EA, Nordstrom, SLM removed from Wedbush's Best Ideas List
01/10/19
SPHN
01/10/19
INITIATION
Target $125
SPHN
Overweight
Electronic Arts initiated with an Overweight at Stephens
Stephens analyst Jeff Cohen initiated coverage of the video game sector, starting Electronic Arts initiated with an Overweight rating and $125 price target. He believes the company's sports IP makes it the best positioned publisher for a subscription plus streaming future, Cohen tells investors.
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.
ATVI Activision Blizzard
$46.54

-4.81 (-9.37%)

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
BARD
01/11/19
NO CHANGE
Target $69
BARD
Outperform
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.

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