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Activision Blizzard: Wells Fargo upgrades stock

( - On Monday, Wells Fargo upgraded its rating on Activision Blizzard shares to "overweight", with a target price of 95 euros, as the video game group's takeover by Microsoft seems increasingly compromised.

In a report, the broker believes that Wall Street is undervaluing the company on the stockmarket, regardless of the outcome of the deal, and sees a "fundamentally skewed" risk/reward profile.

Wells Fargo is optimistic about the company's outlook - even as a standalone entity - given the recent record-breaking scores of the "Call of Duty" franchise, the popularity of "Overwatch 2" and the strength of its mobile business.

In particular, the analyst praises the company's extensive intellectual property, large PC user base and investment in the attractive mobile market as meriting a premium in terms of valuation.

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