Sterne Agee Remain Bullish On Activision Blizzard Following Earnings

On Wednesday, analysts at Sterne Agee commented on Activision Blizzard, Inc. ATVI following third quarter financial results.

For the third quarter 2014 the company reported EPS of $0.23 per share on revenue of $1.17 billion, beating top and bottom line estimates convincingly. Moreover, the company raised full year revenue and EPS guidance.

Analyst Arvind Bhatia reiterated the Buy rating with a $24 price target.

Bhatia feels the company remains an attractive long-term, "Our favorable long-term view is predicated on 1) a strengthening portfolio; 2) 25%+ annual digital growth; 3) best-in-class management team; 4) China opportunity; 5) strong free cash flows; and 6) tailwinds of the console cycle."

Shares of Activision Blizzard recently traded at $20.51, up 2.8 percent.