Analyst: 'Excessive Expectations' From Retail Publishers, As Activision Downgraded

Piper Jaffray analyst Tony Gikas said that retail publishers "remain overly optimistic" as he downgraded stock in Call of Duty house Activision from "buy" to "neutral," citing large management stock sell-offs and "excessive expectations."

According to Gikas' note, posted on, the analyst lowered his price target on Activision shares to $12 from $13. "Company management teams remain overly optimistic," Gikas said, adding, "Game hardware and software sales have been a colossal disappointment for eight months."

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