Activision Blizzard shares rose in premarket trading on Thursday as Raymond James upgraded the video game publisher, noting that the likelihood its deal with Microsoft still happens, making the risk-reward at current levels as "solidly to the positive."
Analyst Andrew Marok raised his rating to outperform from market perform, noting that even though Activision Blizzard has traded at a discount to the $95-per-share cash offer Microsoft made in January, the discount is no longer justified, given improvements in Activision's business.
"In the nine months since, however, trends in the core business have improved significantly, making a price drop on a deal break less precipitous for a standalone Activision share price," Marok wrote in a note to clients.
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