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Fly News Breaks for March 2, 2020
ATVI, ZNGA
Mar 2, 2020 | 07:50 EDT
Stephens analyst Jeff Cohen raised the firm's price target on Activision Blizzard (ATVI) to $72 from $67 and named it his new Best Idea, replacing Zynga (ZNGA), ahead of the rumored launch, possibly in the next week, of the Call of Duty "Warzone" battle royale mode. He sees several reasons to buy the 10% dip in Activision shares from their recent high, including the positive near-term catalyst of CoD Warzone, the tailwind from Asia if coronavirus continues to affect consumer behavior, and the company's firepower for acquisitions given that it currently has its largest net cash position since 2012. Cohen keeps an Overweight rating on Activision shares.
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