Morgan Stanley analyst Masahiro Ono said Sensor Tower reports that Mario Kart Tour was downloaded 20M times on its first day following release, which topped his bull case forecast of over 15M. The analyst, who thinks the market expected around 10M day-one downloads, looks for in-game purchases to make a contribution going forward. He also noted that press reports indicate that Switch Lite sold an estimated 178,000 units in the three days following its release, which was better than his base case expectation for 50,000-100,000 units. Ono keeps an Overweight rating on Nintendo shares, stating that a near-term decline in the shares would present a good opportunity to re-enter the stock.

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