UPDATE: Credit Suisse Raises PT on Activision Blizzard Following Strong 1Q13 Results

In a report published Thursday, Credit Suisse analyst Stephen Ju reiterated an Outperform rating on Activision Blizzard

, and slightly raised the price target from $19.00 to $20.00. In the report, Ju noted, “ATVI reported strong 1Q13 results with revenue and adj. EPS of $804.0mm and $0.17 vs. consensus $704.6mm and $0.11, CS $705.5mm and $0.11, and guidance $690mm and $0.10. 2Q13 guidance calls for revenue and EPS of $590mm and $0.05, while FY13 guidance was raised to $4.25b and $0.82 from $4.18b and $0.80 prior. Our FY13 adj. EPS estimate moves to $0.84 from $0.82 prior. The new FY13 guidance viewed in tandem with the strong 1Q13 suggests ATVI is modestly guiding down the back half of the year - management mentioned that this is largely due to lighter WoW subscribers and expectations for an incrementally more competitive holiday quarter slate. While this may temper investor expectations for 2H13, we have to note the extent of the 1Q13 beat and the company's history of setting conservative guidance parameters. We hence do not view any aspect of this earnings report as thesis-changing.” Activision Blizzard closed on Wednesday at $15.26.