Activition Blizzard FIZZLES and 3 More of Today’s Equity Insights
Demand Media Inc (NYSE:DMD): JMP Securities thinks that Demand Media’s CFO decided to resign at this time because the the company is doing well making for a smooth transition to a new CFO. The firm reiterates its Outperform rating on shares and its $12 price target.
Micron Technology Inc. (NASDAQ:MU): Bank of America Merrill Lynch expects low Q3 results and dropped estimates citing NAND weakness. The firm still expects a recovery in FY13 and reiterates its Buy rating.
Bemis Company, Inc. (NYSE:BMS): As a result of increased confidence in the 2012-2013 earnings estimates for the sector, Wells Fargo upgraded the Paper and Packaging Sector. This decision is based on what it views as strong balance sheets and cash flows of any relevant companies covered by the bank.
Activision Blizzard, Inc. (NASDAQ:ATVI): According to Piper Jaffray, NPD video game software fell 32% year-over-year during May. This proves worse than both the consensus estimate of down 16% and it’s own down 10% estimate. Piper thinks that the poor Max Payne 3 showing foretells Activision’s upcoming launches of Blizzard’s (NASDAQ:ATVI) Call of Duty, Microsoft’s (NASDAQ:MSFT) Halo 4, and Take-Two’s (NASDAQ:TTWO) Grand Theft Auto V. The firm favors game publishers with plans to diversify and move beyond core console gaming. The firm maintains Overweight ratings on Electronic Arts (NASDAQ:EA) and Zynga (NASDAQ:ZNGA).
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