Investor sentiment continues to rise for Activision Blizzard's (NASDAQ:ATVI) stock. The video game publisher received a growth upgrade on Friday as a SunTrust analyst raised his price target for shares to $81 each. That figure would equate to an 11% increase from the stock's current level.

In early May, the company reported surprisingly strong sales and profits, in part because its portfolio of video game products became one of just a few types of entertainment available to most consumers during stay-at-home and shelter-in-place orders.

Yet Activision's faster growth is due to more than just the positive industry environment. It launched a flood of hit content over the last few months, including Call of Duty: Warzone, a respectable entry into the free-to-play battle-royale niche. That title has lifted demand for premium products in the Call of Duty brand like Modern Warfare, which just set a new sales record for the franchise.

A young man playing a console video game.

Image source: Getty Images.

Activision is on pace to release another major installment of the franchise this fall even as its development work has moved offsite. That Call of Duty release, plus a new World of Warcraft expansion, might allow the company to meaningfully outperform its latest sales outlook if it resonates with gamers. That success could easily push the stock price higher.