- Citigroup analyst Jason Bazinet upgraded Activision Blizzard Inc ATVI to Buy from Neutral with a price target of $105, implying a 23.3% upside.
- With the shares falling about 10% over the last three months to put them 18% of their high for the year, he sees the risk-reward has become compelling.
- He attributes the pullback to negative headlines associated with Blizzard's work environment and concerns about a more brutal Chinese regulatory environment.
- Bazinet believes that the concerns are more than priced into the shares at current levels.
- Price Action: ATVI shares traded lower by 1.57% at $83.83 on the last check Friday.
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