AP Photo / Koji Sasahara

Shares of Nintendo are up 5.4% this week after the company revealed an extended list of upcoming game releases for its new Switch console.

The stock is up almost 20% since the Switch console was released on March 3.

In a note sent out to clients on Wednesday, Jefferies equity analyst Atul Goyal expressed his approval of the console's new game schedule, and reiterated his "Buy" rating and ¥39,200 ($43) price target on the stock.

Goyal says Nintendo has "a very strong First party game pipeline (Zelda, Mario Kart, Splatoon, ARMS, Super Mario)."

He added, "It is also attracting some good third-party games (Minecraft, Sonic, Disgaea, Monopoly etc.)."

Jefferies

Goyal says that the new game lineup may incentivize X-Box and PS4 users to change over to the Switch console, going forward this will become increasingly important to Nintendo's future success.

So far, the Switch has been a huge success, surprising analysts across Wall Street.

Nintendo Switch smashed the launch weekend sales record for a Nintendo console with 330,637 units sold in Japan. Additionally, Nintendo had its biggest ever launch month with 2.4 million consoles shipped, according to Goyal, citing independent market research firm SuperData. Going forward Goyal says, "We believe that its IP treasure trove is unparalleled and this could be monetized in several ways." Nintendo is set to report earnings on April 27. Click here for a real-time Nintendo chart. (The over the counter shares that can be bought in US Dollars are represented by ticker symbol: NTDOY)

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