Morgan Stanley analyst Matthew Cost upgraded Activision Blizzard (ATVI) to Overweight from Equal Weight with a $95 price target as he took over coverage of the stock. He is "incrementally bullish" on its position as a leading diversified game publisher with strength across multiple platforms and genres, Cost tells investors. While calling it "challenging" to assess the likelihood that Microsoft’s (MSFT) proposed acquisition receives regulatory approvals, he believes the risk reward is compelling on a fully standalone basis with "a call option" of $95 in cash per share if and when the deal closes.
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Published first on TheFly
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