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Morgan Keenan Ups Activision to 'Outperform'

Morgan Keegan upgraded Activision (ATVI) to outperform from market perform.

Analyst Robert DeLean recommends buying Activision at current levels, noting the video-game software maker has built up quite a bit of momentum. He anticipates upside in the company's financal results and share price over the next six quarters.

Near term, DeLean expects a strong showing in sales data from research outfit NPD Group, which are due late this week or early next week. He notes Activision upped its third-quarter guidance on Dec. 17, to 67 cents earnings per share, due to strength in its three key holiday propositions: Thug, True Crime, and Call of Duty.

DeLean sees likely upside for third-quarter and fourth-quarter of fiscal 2004 (Mar.) results, as well as fiscal 2005 results, based on Activision's product pipeline and potential hardware price cuts by Sony and Microsoft.

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