Morgan Stanley analyst Brian Nowak raised his "bull case" valuation for Activision Blizzard's eSports franchise to $12.9B from $8.6B, noting that Overwatch League audiences are twice as big as he'd forecast, he expects the company to begin selling Call of Duty eSports franchises in early 2019 and new potential sports gambling laws may open another door to monetization. Calling eSports a "$13B call option" for Activision investors, Nowak maintains an Overweight rating and $75 price target on the stock while raising his bull case valuation to $100 per share.