Activision Blizzard stock gains after Instinet upgrade

Shares of Activision Blizzard Inc.

ATVI, +2.63%

are up 3.1% in Thursday trading after Instinet analyst Andrew Marok upgraded the stock to buy from neutral. “Last month’s launch of ‘World of Warcraft Classic’ has driven strong, above-expectations engagement in the franchise (Twitch-record viewership, long wait times for matches),” Marok wrote. “In addition, ‘Overwatch’ has recently added new features (Workshop, role locks for more dynamic competitive matches) and last week announced a launch on the Nintendo Switch.” He sees this leading to a favorable setup ahead of the company’s BlizzCon convention in November, when the publisher is expected to reveal a 2020 “World of Warcraft” expansion and “at least one of” “Diablo 4” or “Overwatch 2.” Activision’s stock is up 26% in the past three months as the S&P 500

SPX, +0.09%

has climbed 4.2%.

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