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Bear Stearns Ups Activision to Outperform


Bear Stearns upgraded Activision (ATVI) to outperform from peer perform, saying the company is likely to grow in the coming years.

Analyst R. Glen Reid says the company's above- average revenue and earnings per share (EPS) growth is achievable during this period. He thinks Activision could gain 200 to 300 basis points of share. He notes competitor attrition and the company's management team, which understands how to succeed at retail and in international markets. Looking out to fiscal year 2008 (ending March) and beyond, he believes Activision can increase margins through consistent franchises sold across more platforms, disciplined pricing, and international expansion. Excluding stock compensation, he thinks margins can improve to 18% in fiscal year 2010 from 13% in fiscal year 2005.


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