Activision stock looks undervalued with or without a Microsoft deal, says analyst

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Activision Blizzard’s stock price has been swept up in the speculation around whether Microsoft will gain regulatory clearance for its $69 billion deal for the videogame publisher, but a Wells Fargo analyst thinks the stock looks attractive regardless.

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Activision Blizzard Inc.’s stock price has been swept up in the speculation around whether Microsoft Corp. will gain regulatory clearance for its $69 billion deal for the videogame publisher, but Wells Fargo analyst Brian Fitzgerald thinks the stock looks attractive regardless of whether the merger happens.

“Though the antitrust landscape remains uncertain, we believe ATVI’s current price is neither reflective of its prospects as a standalone videogame publisher nor of MSFT’s outstanding bid of $95 [per] share,” Fitzgerald wrote in his note to clients. “We are optimistic about ATVI’s standalone prospects given a record-breaking “Call of Duty” launch , strong engagement in “Overwatch 2,” and continued strength in Mobile ,” Fitzgerald wrote.

He kept his $95 price target on Activision’s stock, which is up 1.2% in Monday’s premarket action. That $95 target is the same as Microsoft’s buyout price.

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