Jefferies US Interactive Entertainment Team reiterated a Buy rating and raised their price target on Activision Blizzard (NASDAQ: ATVI) to $33.00 (from $26.00) following a strong beat in the quarter.

The tam commented, "It was a strong beat and raise for 'Franchise Pick' ATVI, which reported record 2Q revenue. With a strong title lineup for 2H, we think the new, raised guidance looks conservative, especially with the strong indicators around Call of Duty. Below find 6 key reasons to own the stock. We reiterate Buy and raise our PT to $33."

The firm raised Q3 EPS from $0.11 to $0.15 and FY 2015 EPS from $1.21 to $1.33.

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Shares of Activision Blizzard closed at $25.67 yesterday.