Barclays analyst Mario Lu downgraded Activision Blizzard (ATVI) to Equal Weight from Overweight with a price target of $95, down from $100. Following a U.S. judge ruling in favor of Microsoft (MSFT) and denying a preliminary injunction request from the FTC, along with the CMA indicating it is willing to work with Microsoft to resolve its concerns, the firm views it as “highly likely” the merger deal will now close. With Activision shares trading at $90, Barclays sees limited upside potential relative to the $95 acquisition price.
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