Activision stock looks inexpensive -Barron's

NEW YORK Nov 22 (Reuters) - Shares of Activision Blizzard Inc (ATVI.O) were inexpensive despite record sales of a video game and the company buying back nearly $300 million in stock in the third quarter, Barron's said on Sunday.

Activision trades for less than 15 times its estimated 2010 earnings, the magazine said, adding that the multiple dips further to 12 times if one excludes the cash on balance sheet.

Barron's said bullish investors expect the stock to reach $15 to $16 per share within the next year.

Its shares closed down 1.6 percent to $11.38 on Nasdaq on Friday.

Last week Activision said its video game "Call of Duty: Modern Warfare 2" scored record sales of $550 million in its first five days, but the company was still concerned about weak consumer spending. ((paritosh.bansal@thomsonreuters.com +1 646 223 6113; Reuters Messaging: paritosh.bansal.reuters.com@reuters.net))