ATVI Dips Despite Fresh "Outperform" Rating

However, video game stocks are falling today after upbeat vaccine data

Deputy Editor
Nov 16, 2020 at 10:33 AM
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The shares of Activision Blizzard Inc (NASDAQ:ATVI) are down 2.3% at $75.76, despite Evercore ISI initiating coverage with an "outperform" rating and $110 price target. The firm cited medium-term growth prospects and long-term tailwinds due to digital penetration and in-game sales. However, the video game sector is faltering in general today after upbeat coronavirus vaccine data -- which caused the market to sway from stocks that benefit more from social distancing.

ATVI has been on a steady downward slope as of late. When we last checked in with the stock, it was brushing off a positive third-quarter report -- the beginning of its descent to steeper lows. Today, Activision stock is contending with its 160-day moving average, a trendline it closed below last week for the first time since March. Year-to-date, the equity is up 28.6%. 

Evercore is joining in on a bullish brokerage bunch, with 19 of the 21 analysts in coverage at a "buy" or better rating, and the remaining three a "hold." Meanwhile, the 12-month consensus price target of $96.44 is around a 25% premium to current levels. 

The options pits are of similar sentiment, with 6.60 calls bought for every put in the last 10 days at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio stands higher than 89% of readings from the past year, revealing a strong penchant for calls in the last couple weeks. 

 

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