Story updated at 9:50 a.m. to reflect market activity.
Shares of King were gaining 1.2% to $16.13 in morning trading.
The analyst firm raised its 2015 EPS estimates for the mobile game publisher to $1.11 a share from 94 cents a share. The firm still expects King to report earnings of $2.17 a share for 2014.
Deutsche Bank analysts said they are "incrementally more positive" on King following the strong initial performance of Candy Crush Soda Saga. The sequel to Candy Crush Saga reached the top of the iOS most downloaded list and the top five in the Top Grossing list faster than any previous King game, according to the analyst firm.