Before the open, Stephens analyst Jeff Cohen backed an Overweight rating and $65 price target on Activision Blizzard after the company's "strong" third quarter earnings report. Cohen said that management's commentary was "positive" around the impact of "World of Warcraft Classic," the launch of "Call of Duty Mobile," and the launch of "Call of Duty: Modern Warfare." Due to the "impressive" signs of franchise re-invigoration at "Warcraft" and "Call of Duty" as well as the multiyear pipeline for Blizzard laid out at BlizzCon, the analyst said he expects long-term holders will be buyers on any weakness related to the "conservative" fourth quarter guidance.