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Activision Blizzard News: ATVI Stock Jumps 3% on Upgrade

Activision Blizzard (NASDAQ:ATVI) news for Tuesday concerning an upgrade has ATVI stock on its way up.

Activision Blizzard News: ATVI Stock Jumps 3% on Upgrade
Source: Eric Broder Van Dyke/Shutterstock.com

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.

Article printed from InvestorPlace Media, https://investorplace.com/2020/03/activision-blizzard-news-bumps-atvi-stock-up/.

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