Activision Blizzard overhang should be partially removed, says Sterne Agee Sterne Agee believes that the secondary offering of Activision (ATVI) shares announced by Vivendi (VIVHY) partially removes an overhang on Activision's stock. The firm believes that Activision declined to acquire the shares because it lacked the flexibility to do so. The firm expects Activsion's stock to outperform in the near to medium term. It keeps a $24 price target and Buy rating on the shares.
Vivendi reports FY14 revenue EUR 10.1B, adjusted EBITDA EUR 999M Reports FY14 adjusted net income EUR 626M. Looking to FY15, the Group expects a slight growth in revenues fueled by the development of UMG streaming and Canal+ Group’s international activities. The income from operations margin should be close to that of 2014. Vivendi also expects a increase in its adjusted net income of approximately 10% mainly thanks to lower restructuring charges and interest expense.