Mizuho Securities analyst Neil Doshi reiterated a Buy rating and raised his price target on Activision Blizzard (NASDAQ: ATVI) to $31.00 (from $29.00) after the company 'crushes' Q2.

Doshi commented, "This was a clean beat and raise quarter, and we are convinced that there is still conservatism built into the guide. The shining star during the quarter was digital sales which accounted for 81% of total revenue and helped drive record gross margin of 75%. Furthermore, A|B is seeing solid growth in add-on digital sales, which is now the largest and fastest growing component of digital revenue. With several major franchises to come, including a major Destiny expansion, Skylanders, Guitar Hero, Call of Duty, and StarCraft, we remain positive on ATVI shares."

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Shares of Activision Blizzard closed at $25.67 yesterday.