Activision Blizzard price target lowered to $88 from $95 at Roth MKM

Roth MKM analyst Eric Handler lowered the firm’s price target on Activision Blizzard (ATVI) to $88 from $95 but keeps a Buy rating on the shares. The company’s fundamentals continue to improve as Q4 far exceeded expectations and the franchise pipeline for 2023 has strong momentum, the analyst tells investors in a research note. The firm notes however that while the fundamental story is becoming more robust, doubt is increasing regarding the likelihood of Microsoft (MSFT) being able to acquire Activision following negative commentary from the U.K. CMA.