Shares of Activision Blizzard (ATVI) - Get Report gained on Thursday after the company received an upgrade from analysts at Nomura Instinet, who noted the company's recent and upcoming game launches are generating positive sales and buzz. 

Shares of Activision Blizzard were up 3.79%, or $2.08 a share, at $57.10 in morning trading on Thursday after Nomura Instinet upgraded its rating on the company to buy from neutral amid solid momentum from the company's August launch of "World of Warcraft Classic," and positive reception surrounding next month's launch of "Modern Warfare."

The upgrade follows on the heels of a similar move from BMO Capital Markets, who last week upgraded the game company's stock to outperform from market perform and hiked its target price to $60 from $43.

Activision Blizzard earlier this year embarked on a restructuring effort to refocus its attention on its core gaming titles, including "Call of Duty," "Overwatch," "Warcraft," "Hearthstone" and "Diablo."

The stock has traded between a 52-week low of $39.85 in February and record high of $84.68 in October.