Oppenheimer analyst Andrew Uerkwitz maintained a Buy rating on Activision Blizzard (NASDAQ: ATVI) yesterday and set a price target of $87. The company’s shares closed yesterday at $78.73.
Uerkwitz said:
“After playing a lot of Black Ops 4 the last few days, we’ve grown more confident in the longevity/sustainability of this game. We believe investors are under- appreciating what Black Ops 4 means for the broader Call of Duty franchise. We see Activision as having taken a risk with this title and potentially changing the franchise trajectory. We believe this title is purpose-built to engage gamers well beyond 2019 due to upcoming updates/new content across game modes. Moreover, we see it as a foundation for a much bigger push into esports. Last, it should give Activision more creative freedom in the next two iterations of CoD so that the company avoids cannibalization despite the longer potential life cycle of BO4.”
According to TipRanks.com, Uerkwitz is a 5-star analyst with an average return of 19.4% and a 61.5% success rate. Uerkwitz covers the Consumer Goods sector, focusing on stocks such as Axon Enterprise Inc, Himax Technologies, and Turtle Beach Corp.
Currently, the analyst consensus on Activision Blizzard is a Strong Buy with an average price target of $86.13, which is a 9.4% upside from current levels. In a report issued on October 1, Wedbush also maintained a Buy rating on the stock with a $100 price target.
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Activision Blizzard’s market cap is currently $60.01B and has a P/E ratio of 121.12. The company has a Price to Book ratio of 5.80.
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Activision Blizzard, Inc. engages in the development and publication of interactive entertainment. It operates through the following segments: Activision, Blizzard, and King. The Activision segment develops and publishes interactive software products and entertainment content, particularly for the console platform.
