Stifel Cuts Price Target On This Video Game Publisher By 19%

Stifel analyst Drew Crum lowered the price target on Activision Blizzard Inc ATVI to $77 from $95 and reiterated a Buy. The price target implies a 25.7% upside.
However, Crum removed the stock from Stifel's "Select List" given his "waning confidence" in his near-term estimates amid the current workplace turmoil.
Crum sees a "high degree of discontent from various constituents directed at the board and leadership team" as damaging to the stock's multiple.
However, Crum did not adjust his estimates yet as he is still reviewing data for the balance of Q4 and his game model for next year.
While there could be further downside from here, he thinks the reward-to-risk is better than the upside over the intermediate-term, which leads him to a Buy rating.
Price Action: ATVI shares traded lower by 0.20% at $61.25 on the last check Monday.