UPDATE: Stifel Reiterates Buy Rating, Raises PT on Activision Blizzard on Multiple Positive Factors

In a report published Monday, Stifel analyst Drew Crum reiterated a Buy rating on

, and raised the price target from $22.00 to $24.00. In the report, Stifel noted, “ATVI remains our top pick for 2014, based on the following: 1) a strong game pipeline which is expected to drive significant y/y growth; 2) industry catalyst: we see Activision Blizzard as a beneficiary of the new gen console cycle; and 3) reasonable valuation: notwithstanding Friday's move, at 14.8x and 13.3x our 2014-'15 estimates, respectively, the shares are still amongst the cheapest on our coverage list. Our $24 target price incorporates a blended methodology, and assumes the stock trades at 16x+ forward earnings.” Activision Blizzard closed on Friday at $19.64.