Truist analyst Matthew Thornton upgraded Activision Blizzard (ATVI) to Buy from Hold with an $81 price target. The analyst sees favorable risk-reward and estimates $12B+ to $13B+ in net cash exiting 2023 absent buybacks and/or M&A, Thornton tells investors in a research note. He puts bull case at $95, under which Microsoft (MSFT) closes the acquisition, and bear case at $62, and says Activision Blizzard should have a "big" 2023.
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Published first on TheFly
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