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UPDATE: Barclays Initiates Coverage on Activision Blizzard on Multiple Positive Factors


In a report published Monday, Barclays Capital analyst Christopher D. Merwin initiated coverage on Activision Blizzard (NASDAQ: ATVI) with an Overweight rating and $22.00 price target.

In the report, Barclays Capital noted, “We are initiating coverage of Activision with an Overweight rating and $22 price target. While the opportunity for casual and social gaming has recently generated a lot of buzz, we believe the demand for console and PC games is largely underappreciated by the market. Furthermore, we believe the upcoming console cycle—historically a time of earnings volatility for video game publishers—is a risk that has been well-telegraphed by management and sets the bar lower for future positive earnings surprises, likely in the form of margin expansion from new monetization formats and digital distribution. Lastly, we believe the recently completed leveraged recapitalization of the business should free up Activision's future free cash flow for incremental capital returns.”

Activision Blizzard closed on Friday at $17.59.

Latest Ratings for ATVI

Oct 2019MaintainsNeutral
Oct 2019MaintainsOverweight
Oct 2019MaintainsBuy

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Posted-In: Barclays Capital Christopher D. MerwinAnalyst Color Initiation Analyst Ratings


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Latest Ratings

ELMDDougherty & Co.Initiates Coverage On12.0
MRNSCantor FitzgeraldAssumes7.0
MNRLCapital One FinancialInitiates Coverage On23.0
SONVertical GroupUpgrades
UNPMorgan StanleyMaintains136.0
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