UPDATE: Credit Suisse Maintains Outperform Rating on Activision Blizzard with $16 PT

Credit Suisse has maintained its Outperform rating on Activision Blizzard Inc.

with a price target of $16. Credit Suisse noted, "we maintain our Outperform rating and $16 target. The 3QFY12 result illustrates ATVI's ability to not only maintain its existing franchises as WoW subscribers returned to over 10mm after Pandaria's release, but also to nurture new ones as Skylanders Giants has already contributed over $500mm in revenue. The results affirm our investment thesis predicated on high-quality content, execution, and long-term tactical outlook throughout the CPG/online transition. Management offered some initial thoughts on 2013, and we are not surprised to hear a conservative tone given the tough comps that Diablo 3 presents." Activision Blizzard closed at $11.13 on Wednesday.