Lazard: Activision Up On GameStop Results, Spider-Man Buzz

Analyst firm Lazard Capital Markets has increased its fourth quarter estimates for major publisher/developer Activision, citing the overwhelmingly positive financial results posted yesterday by GameStop, as well as "strong momentum" for the company's key franchises.

In his latest research note to investors, Lazard analyst Colin Sebastian raised the firm's fourth quarter estimates for Activision to $225 million, up from $200 million, due primarily to sales of titles such as Guitar Hero II and those in the Call of Duty franchise.

His statements echo those of fellow analyst Wedbush Morgan's Michael Pachter, who recently commented that the firm is "more bullish than ever about Activision as an investment."

However, Sebastian added, "While further upside to our estimates is possible," the continuing scarcity of the Wii and Nintendo DS at retail could "slightly" impact Activision's March sales.

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