Nomura/Instinet analyst Andrew Marok upgraded Activision Blizzard (NASDAQ: ATVI) from Neutral to Buy with a price target of $64.00 (from $49.00).

The analyst comments "Call of Duty Mobile’s addressable market is significant (comp PUBG Mobile is on a $300-400mn annual run rate), but perhaps even bigger is the opportunity for Blizzard franchises (even beyond the announced Diablo Immortal), which have the advantages of large existing audiences, attractive genres (RPG/strategy among biggest on mobile) and popularity in China. Mobile is a clear emphasis for ATVI, and we think that further inroads here are too attractive to ignore."

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Shares of Activision Blizzard closed at $54.91 yesterday.