Activision Blizzard (ATVI) - Get Report slipped on Wednesday after the shares received a downgrade by analysts at Bernstein, who wrote that investors are "paying too much for hope" surrounding expectations of recently released mobile versions of its "shooting" games.

Activision Blizzard stock was down 2.19%, or $1.16 a share, at $51.74 in morning trading on Wednesday after Bernstein analyst Todd Juenger downgraded the company to underperform from market perform, noting his group "... cannot reconcile the current stock price with the company's risk-adjusted fundamentals." 

Specifically, Jeunger pointed to sales forecasts for recently released mobile versions of Activision Blizzard's "Call of Duty" and "World of Warcraft Classic" games, noting the company is "heavily reliant on shooting games" that in his view do not carry "franchise sustainability" over the longer term. 

"We would be more positive on sports games," the analyst said.

Juenger did raise his one-year price target on the stock to $43 from $41, though the new target is still the lowest among Wall Street analysts who cover the company.

Save 57% During Our Fall Sale. Join Jim Cramer's Action Alerts PLUS investment club to become a smarter investor. Click here to sign up and save!