NEW YORK, February 10 (FinanceEnquiry.com) - Analyst Jim Yin of S&P Capital IQ reiterates his HOLD rating on the shares of Activision Blizzard (NASDAQ: ATVI), while raising his estimates for the company. The target price is set to $14.

In a research note published this morning, the analyst mentions that the company reported its Q4 operating EPS of $0.62, vs. $0.55, short of the estimate of $0.65. Activision Blizzard’s Non-GAAP revenues fell 5.5% to $2.41B, despite the robust sales of Call of Duty: Modern Warfare 3. Subscribers of World of Warcraft remain steady at 10M, the analyst says. Although the number of subscribers is likely to decline in 2012, Activision Blizzard is likely to have been developing other games including Call of Duty Elite with digital download content and monthly fees, the analyst adds. The company’s robust digital revenues would offset decline in console games, according to S&P Capital IQ. The operating EPS estimate for 2012 has been raised from $0.97 to $0.98.