UPDATE: Brean Murray Carret Raises Target on Activision Blizzard to $16

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Brean Murray Carret reiterates its Buy rating on Activision Blizzard (NASDAQ: ATVI) and raises its price target to $16 from $15 a share following a review of the company's earnings for the fourth quarter and all of 2011. Brean Murray Carret says, "Activision reported strong upside to both 4Q11 revenue and non‐GAAP EPS on the back of strong execution on Call of Duty: Modern Warfare 3 ,little attrition in World of Warcraft in front of EA's (EA $17.87, Buy) SWTOR release, and the successful launch of its new Skylanders IP. Management's guide for 2012 implies little growth on 2011, but comes with a prepackaged list of reasons why it is conservative. Given the magnitude of Activision's beat in 2011, facing greater uncertainty than 2012, we think likely upside is a foregone conclusion."ATVI closed at $12.66 a share yesterday.

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