UPDATE: Bank of America Reiterates on Activision Blizzard Following Strong 4Q Results

In a report published Friday, Bank of America analyst Justin Post reiterated a Neutral rating on

, and raised the price target from $19.00 to $20.00. In the report, Bank of America noted, “4Q results were slightly above the street at rev/EPS of $2.27bn/ $0.79 vs. $2.22bn/$0.78. Activision publishing missed on lower Call of Duty and Skylanders revenue, but Blizzard beat solidly due to a surprise q/q increase in WoW subs to 7.8mn, reversing a four-quarter trend of sub losses. Activision guided 1Q below the street and was cautious on 1H catalog trends, but was upbeat on its 2014 full-year outlook, guided 2014 in-line with the street, and raised its annual dividend to $0.20 from $0.19. Given a history of guiding conservatively (below street) to start the year, we think ATVI's guidance will likely be viewed positively.” Activision Blizzard closed on Thursday at $17.17.