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Activision Blizzard (NASDAQ:ATVI) received an upgrade from MKM Partners on Tuesday, as the investment firm said the stock of the video game publisher is "severely discounting" the improvement in fundamentals.
Analyst Eric Handler raised his rating on Activision Blizzard (ATVI) to buy from neutral, noting that in addition to the improvement in fundamentals seen this year, the company is likely to see "strong growth potential" next year thanks to games such as Call of Duty: Modern Warfare II, Call of Duty: Warzone 2.0, Overwatch 2, and World of Warcraft: Dragonflight.
However, Handler noted that Activision (ATVI) shares continue to be linked to the perception of whether its deal to be acquired by Microsoft (NASDAQ:MSFT) gets approved, which the analyst believes it will.
If the deal does not get approved, however, Handler noted that shares should be worth $85, trading at 18 times 2023 earnings, plus $13 per share in cash.
Activision Blizzard Upgraded as MKM Says Stock 'Severely Discounting' Fundamentals | Seeking Alpha
