However, the firm observed that the split is likely to benefit Destiny going forward.
We brought you the breaking news yesterday that Activision was breaking with Bungie of both Halo and Destiny fame. Instead, with the emphasis on independence, this could pave the way for the same kind of exclusivity deals that Sony continuously snatched up with Destiny.
The planned transition process is apparently already underway. Looking ahead, we're excited to announce plans for Activision to transfer publishing rights for Destiny to Bungie.
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On the other hand, Cowen & Company believes that the "growing divergence" between Activision and Bungie was negatively affecting Destiny's development, which is partly to blame for the game struggling. "Activision and Bungie are committed to a seamless transition for the Destiny franchise and will continue to work closely together during the transition on behalf of the community of Destiny players around the world".
As Bungie takes over complete control of Destiny, Activision will increase it's focus on its other IPs. "Destiny was a worthwhile attempt by Activision to build another cornerstone franchise, one that just didn't quite pan out as they had hoped". Head down to the comments section and let us know!
All eyes will be on Activision Blizzard Inc to see if they can manage a profit this year with less IP than before.
Of course, the tweets have sparked rumours of Bungie re-joining Microsoft for the first time since its 2007 split, however the likelihood of that is questionable. It's likely that the price will gradually recover over the next week, but it's obvious that part of the investor base saw the divorce with Bungie as bad news for Activision. It's hard to know exactly how much influence Activision had over the Destiny franchise, but if it was a significant amount, we might see Destiny change dramatically as a result of Bungie taking over publishing duties.