Benzinga | Dec 20, 2021 12:18PM EST

Stifel Cuts Price Target On This Video Game Publisher By 19%

* Stifel analyst Drew Crum lowered the price target on Activision Blizzard Inc (NASDAQ:ATVI) to $77 from $95 and reiterated a Buy. The price target implies a 25.7% upside.

* However, Crum removed the stock from Stifel's "Select List" given his "waning confidence" in his near-term estimates amid the current workplace turmoil.

* Crum sees a "high degree of discontent from various constituents directed at the board and leadership team" as damaging to the stock's multiple.

* However, Crum did not adjust his estimates yet as he is still reviewing data for the balance of Q4 and his game model for next year.

* While there could be further downside from here, he thinks the reward-to-risk is better than the upside over the intermediate-term, which leads him to a Buy rating.

* Price Action: ATVI shares traded lower by 0.20% at $61.25 on the last check Monday.