Nomura Instinet analyst Andrew Marok upgraded Activision Blizzard (ATVI) to Buy from Neutral and raised his price target for the shares to $64 from $49.
The game maker closed yesterday down $1.12 to $54.91.
Last month's launch of World of Warcraft Classic has driven "strong, above-expectations" engagement in the franchise, Marok tells investors in a research note.
Further, Overwatch has recently added new features and last week announced the launch on the Nintendo Switch, the analyst points out. He believes these provides a "much more favorable backdrop" heading into November's BlizzCon, where he expects Activision will see the reveal of a World of Warcraft expansion for 2020 release and at least one of Diablo 4 or Overwatch 2.
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