ATVI - Jefferies maintained its Buy rating and $45 price target, noting that it is transforming into a global entertainment network with a half-billion users. Credit Suisse maintained an Outperform rating and $41 target but lowered estimates and said the guidance drop was uncharacteristic but may have been conservative.

The $40 targets probably look optimistic now in this market since that would be a current year multiple of 22. Even so, $27 range is surely cheap.