) raised guidance for its fiscal first quarter to $0.18 EPS on $165 million in revenues, and for all of fiscal 2003 (ending March) to $1.10 EPS on $890 million in revenues. CS First Boston hiked its estimates on Activision.
Analyst Heath Terry says the company raised first-quarter guidance less than 4 weeks after its original guidance due to the strength of its international markets and a strong global response to Activision's products. He still thinks the company's fiscal 2003 guidance is conservative Terry raised his first-quarter estimate to $170 million in revenues from $147 million, and $0.20 EPS from $0.10; for fiscal 2003, he hiked his $1.05 EPS forecast to $1.15. The analyst is keeping his $37 price target, which assumes a 30x multiple on his $1.25 fiscal 2004 EPS estimate. Terry says that as we enter the normally slowest season for the industry, any meaningful price drops in Activision shares should be used as buying opportunities. He maintains his buy rating.