UPDATE: Brean Capital Reiterates Buy Rating As Activision Prepares to Unveil Destiny Franchise, Skylander Expansion

A report published Tuesday by Brean Capital reiterates its Buy rating and $15 PT for Activision Blizzard, Inc.

. Although Activision has signaled that 2013 will be a trough year, they aim to position themselves well by releasing two new franchises, even as the introduction of new consoles may prove disruptive to sales and earnings. "Activision's strategy is to enter the cycle with four key franchises; WOW, COD, StarCraft, and Skylanders, and to expand that to six with Destiny from Bungie and Titan from Blizzard. We believe the company still sees growth opportunities in COD on new platforms in emerging markets, and thinks that it can manage WOW decay until it can be replaced by Titan. If successful, we believe this strategy should position Activision for a strong rebound in revenue and EPS in 2014 and 2015," said Brean Capital. Activision closed Friday at $14.37.