Story updated at 9:50 a.m. to reflect market activity.
Shares of Activision Blizzard gained 3.4% to $23.13 in morning trading.
The analyst firm also raised its full year 2014 EPS estimate for the video game publisher to $1.32 a share from $1.29 a share following the company's positive guidance. Leerink analyst Christopher D. Merwin wrote that the firm is "very optimistic" about Activision's release schedule for the second half of 2014.
TheStreet Ratings team rates ACTIVISION BLIZZARD INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate ACTIVISION BLIZZARD INC (ATVI) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its attractive valuation levels, expanding profit margins, solid stock price performance, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."