Piper Jaffray Maintains Neutral, $14 PT on Activision Blizzard

In a research note, Piper Jaffray reiterates its Neutral rating and $14 price target on Activision Blizzard, Inc. (NASDAQ: ATVI) on survey-suggested Call of Duty upside.

Piper Jaffray concludes, “Net net, our survey results suggest that Elite subscription ($50/yr) attach rates and ARPU levels are materially higher than Black Ops DLC levels. We walk away incrementally more positive on Activision's console game digital strategy, however remain Neutral overall due to uncertainty around World of Warcraft net sub losses.”

ATVI closed at $12.80 on Monday.