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'Paying Too Much for Hope' With Activision Blizzard

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Paying too much for hope.

That's how Bernstein analyst Todd Jeunger describes investors' current expectations of future earnings and share performance for online game-maker Activision Blizzard, which he downgraded to underperform from market perform on Wednesday. 

In a research note to clients, Jeunger further notes his group "... cannot reconcile the current stock price with the company's risk-adjusted fundamentals."

Specifically, Jeunger points 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.

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