Activision Blizzard  (ATVI) - Get Report shares on Thursday jumped after the videogame maker got a vote of confidence in the form of a buy rating from a top industry analyst. 

The stock price at last check rose 3.4% to $59.47 after MKM Partners boosted its rating on the Santa Monica, Calif., maker of the popular "World of Warcraft" and "Call of Duty" game franchises to buy from neutral, according to published reports.

MKM analyst Eric Handler also lifted his price target to $72 a share from $64, indicating more than 20% potential upside over its current trading price.

Videogames are one of the few industries not completely upended by the coronavirus crisis.

And the MKM analyst cited a better-than-expected performance of the company's two newest blockbuster game releases - "World of Warcraft Classic" and "Call of Duty: Modern Warfare" - for the bullish outlook on Activision.

The boost from "Call of Duty" should last through 2020, according to Handler, who is increasing his 2020 revenue and earnings estimates for Activision as a result.

The MKM analyst boosted his earnings forecasts for Activision in 2020, to $2.55 a share from $2.44, and in 2021, to $2.80 from $2.60.

Handler also raised his 2020 revenue estimate for Activision, to $7.07 billion from $6.84 billion.

"We believe management is making significant progress in improving its near-term and long-term growth profile," Handler wrote.

Shares of Activision have rebounded from a low of $52.87 a share on March 25, though the stock price remains down from a high of $64.37 a share reached on Feb. 19.