Wedbush Believes Activision Blizzard (NASDAQ: ATVI) Won’t Stop Here

By Jason Carr

In a report released today, Michael Pachter from Wedbush maintained a Buy rating on Activision Blizzard (NASDAQ: ATVI). The company’s shares closed on Friday at $61.45, close to its 52-week high of $63.19.

According to TipRanks.com, Pachter is ranked 0 out of 5 stars with an average return of -2.6% and a 46.8% success rate. Pachter covers the Services sector, focusing on stocks such as Cinemark Holdings Inc, Regal Entertainment, and AMC Entertainment.

Currently, the analyst consensus on Activision Blizzard is Strong Buy and the average price target is $64.77, representing a 5.4% upside.

In a report issued on July 17, Needham also reiterated a Buy rating on the stock with a $75 price target.

Based on Activision Blizzard’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $1.76 billion and quarterly net profit of $426 million. In comparison, last year the company earned revenue of $1.57 billion and had a net profit of $126 million.

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Activision Blizzard, Inc. engages in the development and publication of interactive entertainment. It operates through the following segments: Activision Publishing, Inc, Blizzard Entertainment, Inc., King Digital Entertainment and Other.