Activision Blizzard price target lowered to $88 from $95 at Stifel

Stifel analyst Drew Crum lowered the firm’s price target on Activision Blizzard (ATVI) to $88 from $95 and keeps a Buy rating on the shares. Following the company’s Q1 results reported this past week, the firm’s FY23 estimates are largely unchanged, but FY24 estimates have been raised slightly, the analyst tells investors. The firm’s revised price target also reflects last week’s decision by U.K. regulators that has put the Microsoft (MSFT) acquisition "in doubt," the analyst notes.