Activision Blizzard (NASDAQ:ATVI) news for Tuesday concerning an upgrade has ATVI stock on its way up.
The Activision Blizzard news comes from Oppenheimer analyst Andrew Uerkwitz. This has it bumping up the company from a previous rating of “Perform” to a new rating of “Outperform.”
So what exactly has Uerkwitz so bearish on ATVI stock? The video game company is releasing a new game in the Call of Duty series called CoD: Warzone today. To go along with this, the dropping price of the stock recently is an incentive for investors that want to jump in on it, reports MarketWatch.
CoD: Warzone is a free-to-play game in the Call of Duty series. It’s a battle royale game in the same vein as Epic Games’ Fortnite and Electronic Arts’ (NASDAQ:EA) Apex Legends. Activision Blizzard is likely hoping to mimic the success of those similar games with this release.
While CoD: Warzone may be free to play, that doesn’t mean there aren’t ways to spend money in the game. That includes the addition of a Battle Pass, which allows players to unlock additional rewards as they play the game.
What doesn’t come alongside this upgrade from the Oppenheimer analyst is a new price target. Uerkwitz is sticking with his $68 per share price target for ATCI stock. That’s 18.57% higher than the stock’s closing price of $57.35 on Monday.
ATVI stock was up 2.93% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.