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Activision Blizzard price target lowered to $60 from $90 at Needham
Needham analyst Laura Martin lowered her price target on Activision Blizzard to $60 citing the Blizzard studio downward revisions. The analyst also attributes the lower target to the market repricing of stocks "valued at 5-times enterprise value to sales". Martin is keeping her Buy rating on Activision Blizzard given the ownership of its own IP assets, loyalty of "super-fans", lower risk of dependence on title "sequels", and the under-40 age demographics of its target market. The analyst also cites the company's Overwatch game as "one of the most valuable new hit franchises in the video game space" as well as its multiple expansion potential from eSports