UPDATE: Bank of America Raises PT from $13.00 to $13.50 on Activision Blizzard

Bank of America has published a report on Activision Blizzard ATVI reviewing the second quarter for the game developer, and raising the price target to $13.50. In the report, Bank of America wrote, "Call of Duty is the franchise gift that keeps on giving and digital revenues, driven by map pack sales, grew 13% y/y to $424mn. Digital represented 61% of total revenue in 1Q, leading to 69% gross profit margins, up 1,100bp y/y. Call of Duty Elite and a new free-to-play model in Asia, as well as new franchises from Bungie and Blizzard (MMO) are Activision's biggest long-term digital growth opportunities." Bank of America rated Activision Blizzard a Neutral with a price target raised from $13.00 to $13.50. Activision Blizzard closed Wednesday at $11.82.