Activision Q2 bookings guidance looks ‘conservative,’ says Truist

After Activision Blizzard (ATVI) released Q1 results early following the U.K.’s Competition and Markets Authority stating that it will seek to block Microsoft’s (MSFT) acquisition of the company, Truist said the company’s adjusted EPS of 60c and bookings of $1.86B were ahead of both the firm’s model and consensus forecasts. Q2 bookings growth was guided to be at least 30%, implying greater than $2.13B, which "strikes us as conservative" given Diablo’s pending release scheduled for June 6, added the analyst, who keeps a Buy rating and $84 price target on Activision shares.