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ATVI

Activision Blizzard

$46.54

-4.81 (-9.37%)

08:48
01/14/19
01/14
08:48
01/14/19
08:48

Jefferies keeps Activision Blizzard as top pick despite target cut to $60

Jefferies analyst Timothy O'Shea lowered his price target for Activision Blizzard to $60 from $85 but says the stock remains a top pick with a Buy rating. It now appears Blizzard won't launch a major game in 2019, and Destiny 3 is no longer coming in 2020, O'Shea tells investors in a research note partially titled "Hitting the Reset Button." As such, the analyst reduced his 2019 and 2020 earnings per share estimates by 14% and 8%, respectively. However, it is likely that Activision has a game to "plug the hole" left by Destiny, with Blizzard potentially having two games for 2020, says the analyst. Further, he believes all of this news fully priced into the stock. O'Shea views the current 14.6 times multiple as an attractive entry point and keeps a Buy rating on Activision Blizzard.

  • 12

    Feb

ATVI Activision Blizzard
$46.54

-4.81 (-9.37%)

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.
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.
01/14/19
JPMS
01/14/19
NO CHANGE
Target $130
JPMS
Overweight
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.

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SNY

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RTN

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GOOG

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LAD

Lithia Motors

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1.57 (1.84%)

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Conference/Events
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CYDY

CytoDyn

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ABT

Abbott

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SFUN

Fang Holdings

$1.88

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TS

Tenaris

$24.32

0.64 (2.70%)

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PAAS

Pan American Silver

$14.17

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CRWS

Crown Crafts

$5.68

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AL

Air Lease

$37.50

0.6 (1.63%)

, BA

Boeing

$364.79

5.52 (1.54%)

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0.6 (1.63%)

BA

Boeing

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UTSI

UTStarcom

$3.22

0.1 (3.21%)

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VRTX

Vertex

$194.63

4.19 (2.20%)

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ALNY

Alnylam

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THO

Thor Industries

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PLWTY

Panalpina

$0.00

(0.00%)

08:44
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EFGSY

Eiffage

$0.00

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08:41
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Eiffage rating change at Barclays »

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TVFCF

Television Francaise 1

$0.00

(0.00%)

08:40
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ATVDY

Atresmedia

$0.00

(0.00%)

08:37
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TDPAY

Tod's

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SFRGY

Salvatore Ferragamo

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