Truist downgraded Activision Blizzard (ATVI) to Hold from Buy with a price target of $95, up from $84, following the US Federal Court ruling in favor of Microsoft (MSFT) to deny a preliminary injunction request from the FTC related to their merger. The base case is now that the acquisition is consummated, the analyst tells investors in a research note, adding that the improved merger prospects are also positive for additional vertical consolidation as well as Take-Two Interactive (TTWO) and Electronic Arts (EA).
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