Citigroup Upgrades Activision Blizzard To Buy; Price Target Implies 23.3% Upside

August 13, 2021 2:57 PM | 1 min read | Make a Comment

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.