On Thursday, video game developer stocks were moving in different directions after a Wall Street offered different assessments of their likely outlooks.
An analyst at Bank of America (BAC) raised his rating for Activision Blizzard (ATVI) from “Neutral” to “Buy.” He also increased his price target for ATVI stock from $20 a share to $25 a share. The BAC analyst said that a number of upcoming ATVI gaming titles promised to boost revenue and earnings for ATVI, compared to rival Electronic Arts (EA), Benzinga notes.
ATVI stock climbed almost 2% in Thursday morning trading. Over the past 12 months, ATVI stock has gained more than 35%.
The same BAC analyst took a less favorable view of EA, lowering his rating for EA stock from “Buy” to “Neutral.” He also trimmed his price target for EA stock from $36 a share to $35 a share.
EA stock slipped modestly in Thursday morning trading on news of the downgrade. EA stock has gained more than 55% over the past year.