Piper Jaffray Assumes Coverage on Activision Blizzard at Neutral

Piper Jaffray is out with its report today on Activision Blizzard ATVI, assuming coverage on ATVI at Neutral. In a note to clients, Piper Jaffray writes, "We are assuming coverage of ATVI with an unchanged Neutral rating and $13 price target. With the exception of the annual COD release (Modern Warfare 3) in November, we see FY11 as a year of limited catalysts for Activision. Additionally, the removal of several titles from the company's lineup, while a long-term positive for margins, is resulting in down y/y revenue. That said, FY12 has the potential to be up materially y/y based on initiatives from Blizzard." Shares of ATVI closed Friday at $11.84.