NEW YORK (TheStreet) -- Activision Blizzard's (ATVI) stock price target was raised to $50 from $45 at Barclays earlier today. The firm has an "overweight" rating on shares of the Santa Monica, CA-based video game developer.
After yesterday's closing bell, Activision Blizzard posted stronger-than-expected results for the 2016 third quarter.
Barclays said the third-quarter beat was driven by "Overwatch" sales and successful expansions for its "World of Warcraft" and "Destiny" games. The firm said game expansions could boost earnings growth by as much as 14% year-over-year in 2017.
Baird also upped its price target to $50 from $46, noting that it expects Activision to have another growth year in 2017.
The firm maintained its "outperform" rating on Activision stock.
MKM Partners analysts said Activision continues to execute well in 2016, but added that they're concerned about the company's outlook for 2017. Activision yesterday raised its fourth-quarter and full-year forecast. The outlook on revenue nonetheless fell short of analysts' estimates.
The firm upped its price target to $46 from $44 and kept its "neutral" rating.
Shares of Activision were retreating on heavy trading volume early-afternoon Friday.
More than 12.48 million of the company's shares changed hands so far today vs. its average 30-day volume of 6.59 million shares.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
The team rates Activision Blizzard as a Buy with a ratings score of B. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, good cash flow from operations and expanding profit margins. The team feels its strengths outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: ATVI