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CS First Boston Raises Activision Forecast

Activision (ATVI) posted breakeven Q1 results on a 31% revenue rise. The company raised fiscal 2002 EPS guidance to $0.87, and fiscal 2003 TO $1.11. CS First Boston raised estimates.

Analyst Heath Terry says Q1 results were well above estimates. He notes Q1 publishing revenues outperformed on very strong sell-in of the company's three Game Boy Advance (GBA) titles; despite its mid-June launch, GBA ship-in accounted for over 40% of publishing revenues.

The analyst raised his $609M fiscal 2002 (Mar.) revenue estimate to $622M, and his $0.79 EPS forecast to $0.87; for fiscal 2003, he is keeping his $761M revenue estimate, but raised his $1.09 EPS projection to $1.11. Terry believes the interactive entertainment industry is just starting what will be the largest and most significant growth phase in its history. He reiterated his buy recommendation and $50 price target.

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