Activision Blizzard downgraded to Market Perform at MoffettNathanson

MoffettNathanson analyst Clay Griffin downgraded Activision Blizzard (ATVI) to Market Perform from Outperform with a price target of $95, up from $91, reflecting Microsoft’s (MSFT) cash offer. Judge Corley’s decision in U.S. District Court “isn’t the final say, but it does put the onus squarely on the FTC,” while news that Microsoft, Activision, and the CMA jointly filed for a stay in the U.K. process while they pursue a deal to address lingering concerns “adds credence to the idea that the deal could close as soon as later this week or early next,” the analyst tells investors.