UPDATE: Piper Jaffray Upgrades King Digital, Anticipates Strong Q2 Performance

In a report released Monday, Piper Jaffray analyst Michael Olson upgraded King Digital Entertainment (NYSE: KING) to Overweight, while increasing its price target from $19 to $28 per share.

Olson believes King's second quarter results holds the potential to exceed the firms expectations, predicting results should come in-line with consensus expectations.

Piper Jaffray favors King's recent ranking performance with more of its games being placed in the top 20 iOS highest-grossing list during the company's second quarter. Olson believes King will have strong performance with the anticipated releases of the second Bubble Witch Saga and Candy Crush Soda.