Coming out of the E3 gaming conference with confidence in upcoming catalysts, Pacific Crest is boosting price targets on Activision Blizzard (NASDAQ:ATVI), Electronic Arts (EA -0.1%) and Take-Two Interactive Software (NASDAQ:TTWO).
Analyst Evan Wingren is Overweight on all three, and raised his target on Activision to $65 from $60 (implying 10% upside); on EA to $134 from $122 (implying 21.3% upside); and on Take-Two to $87 from $84 (implying 17.5% upside).
Activision's Destiny 2 and Call of Duty: WWII were standouts for Wingren, as was EA's Star Wars: Battlefront 2, where he gained confidence that "core gameplay issues of the previous edition have been improved upon." Meanwhile, even a delay in Red Dead Redemption 2 to next spring hasn't dimmed enthusiasm for Take-Two.
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