Activision Blizzard price target raised to $84 from $81 at Truist

Truist raised the firm’s price target on Activision Blizzard (ATVI) to $84 from $81 and keeps a Buy rating on the shares. The company sits on $15.1B in gross cash, providing "some sense" on its potential buyback capacity should Microsoft (MSFT) abandon its acquisition after the announcement that U.K.’s Competition and Markets Authority blocked the deal, the analyst tells investors in a research note. Truist remains positive on the stock given the risk-reward heading into Diablo release and the potential buyback.