Goldman Sachs Reports Unchanged Estimates On Activision Blizzard

According to Goldman Sachs, Activision Blizzard ATVI estimates and price target remains unchanged. Goldman Sachs said that GameStop management commented today to industry press on trends for Activision's Call of Duty: Modern Warfare 3 (MW3), noting “accelerating” and “record” pre-sales. GameStop is Activision's largest customer, representing 12% of 2010 revenue. “We are Buy rated. ATVI trades at 12X 2012E EPS with an 11% cash return yield (buybacks + dividends). Our estimates and price target are unchanged.” Activision Blizzard closed yesterday at $11.38.