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Gerrick Johnson of BMO Capital Markets recently met with Activision Blizzard, Inc. (NASDAQ: ATVI)'s management team at the E3 video game exposition and detailed his discussions in a research note on Thursday.
Johnson stated that the highlight of Activation's E3 presence was not from the show floor, rather it came in the form of a tweet, which indicated "Overwatch" surpassed 10 million players in less than one month since its debut.
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The analyst added that Activision's management team was "also pleased" with the performance of the "Warcraft" film in emerging markets, especially China, despite poor reviews in the United States. The management team also believe that the film could stimulate re-engagement with its gaming fans and demand for the "Legion" expansion pack, which is scheduled for release in November.
Finally, the company believes that demand for its new "Skylanders" toys, including "Battlecast" trading cards and "Imaginators" mix-n-match figures are "moderate" — an assessment the analyst shares. Nevertheless, the company is "still upbeat" about the fall release of "Call of Duty: Infinite Warfare."
Shares of Activision are maintained with a Market Perform rating with an unchanged $34 price target.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.