UPDATE: Piper Jaffray Raises Activision Blizzard's PT

According to a research report published this morning, Piper Jaffray has increased Activision Blizzard's ATVI PT from $12 to $13. In the report, Piper Jaffray said, "Activision reported a solid Q1 and revised full year guidance slightly higher. While the business continues to deliver solid results quarter in and quarter out, ATVI shares remain range-bound. Three key questions have held back the shares in our view: #1) At what rate will the first person shooter genre grow or decline and will ATVI remain the share leader?, #2) Will Skylanders hit $500m in sales during '12 and be able to grow that double-digits in '13?, and #3) Will World of Warcraft sub numbers remain stable during the remainder of '12? The answers to these questions remain elusive and we remain Neutral rated." Piper Jaffray maintains its Neutral rating on Activision Blizzard, which is currently trading at $12.76.