Shares of Activision Blizzard Inc (ATVI  ) have been in focus on news of its deal with Microsoft Corp (MSFT  ) being extended to Oct. 18.

Amid what promises to be an exciting earnings season ahead, Activision Blizzard reported strong results Wednesday for its second quarter.

Here are some key analyst takeaways from the earnings release.

• Wedbush analyst Nick McKay maintained an Outperform rating, while raising the price target from $95.00 to $95.99.
• Truist analyst Matthew Thornton reiterated a Hold rating and price target of $95.
• Baird analyst Colin Sebastian reaffirmed a Neutral rating and price target of $90.

The terms to extend the deal include "a provision that allows Activision to declare and pay a cash dividend of up to $0.99 per share in FY:23," the analyst wrote. "Activision Blizzard delivered a modest beat on Street estimates for revenue while outperforming on profits," he further stated.

Truist Securities: "2Q results look fine relative to our model, with upside at Activision (CoD in-game), King (advertising), and Distribution, offset by downside at Blizzard," Thornton wrote.

"The company reaffirmed full year with some key releases still ahead (CoD Premium, CoD Warzone Mobile, Overwatch PvE, Diablo season," he added.

Baird: "Activision Blizzard reported another strong quarter, ahead of guidance and consensus, highlighted by the strong launch of Diablo IV," Sebastian said. There seems to be "some conservatism" in the guidance for the back half of the year, "but prudent given uncertainty in consumer spending," he added.

"While we view the acquisition by Microsoft as likely to close (deadline extended to 10/18), we recognize that regulators are trying to delay the deal, which increases the risk of Activision walking away," the analyst further stated.

ATVI Price Action: Shares of Activision Blizzard had risen by 0.18% to $92.36 at the time of publishing Thursday.