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Activision shares are down following the company’s third-quarter earnings report. Investors are undoubtedly focused on the pipeline, and commentary from management that it is planning a later launch than anticipated for Overwatch 2 and Diablo 4, which was partly attributed to competition for talent and leadership changes….For now, we model the titles in 2023, which leaves our earnings per share for that year unchanged at $4.60, implying nice upside to the stock price over the next 12 months, even applying multiples toward the lower end of the historical range. While we expect that Activision may remain range-bound for the near term, the still-attractive risk/reward keeps us at Overweight.