UPDATE: Pacific Crest Securities Reiterates Outperform Rating, Raises PT on Activision Blizzard on Potential Further Upside

In a report published Wednesday, Pacific Crest Securities analyst Evan Wilson reiterated an Outperform rating on

, and raised the price target from $21.00 to $27.00. In the report, Pacific Crest Securities noted, “Revenue and EPS were $658 million and $0.06 versus our estimates of $625 million and $0.03. The Activision segment missed, likely from weaker catalog and sales of Spider-Man and Transformers licensed titles than we expected. Blizzard posted upside from the Diablo 3 expansion, World of Warcraft (WoW), Hearthstone and catalog. WoW subscribers were 6.8 million, down from 7.6 million sequentially; however, online subscription revenue was relatively in line, suggesting that the user losses were mostly from China.” Activision Blizzard closed on Tuesday at $22.36.