Benzinga | Aug 13, 2021 02:57PM EDT

Citigroup Upgrades Activision Blizzard To Buy; Price Target Implies 23.3% Upside

* Citigroup analyst Jason Bazinet upgraded Activision Blizzard Inc (NASDAQ:ATVI) to Buy from Neutral with a price target of $105, implying a 23.3% upside.

* With the shares falling about 10% over the last three months to put them 18% of their high for the year, he sees the risk-reward has become compelling.

* He attributes the pullback to negative headlines associated with Blizzard's work environment and concerns about a more brutal Chinese regulatory environment.

* Bazinet believes that the concerns are more than priced into the shares at current levels.

* Price Action: ATVI shares traded lower by 1.57% at $83.83 on the last check Friday.