The shares rose 0.89% to $55.50 in premarket trading Tuesday.
Citigroup analyst Jason Bazinet increased his price target to $55 from $47. He rates the stock neutral. His new price target represents 3.6% upside from the stock's current level. "Call of Duty" was launched as a mobile game earlier this month.
Bazinet also lifted his revenue and earnings estimates for 2019, 2020 and 2021.
Activision "is poised to deliver significant bookings growth next year," he said. But "we believe both consensus forecasts and Activision's valuation reflect this growth."
Morgan Stanley analyst Brian Nowak also raised his price target to $60 from $57. The average price target on the stock is $58.
Activision reports earnings on Nov. 7. The stock has gained 17% year to date.