In a note to investors, Morgan Stanley analyst Richard Ji said World of Warcraft had experienced strong momentum since its launch, with nearly 1 million peak current users.
Even in a worst-case scenario, in which NetEase ceases to operate World of Warcraft, the company would still operate several blockbuster games and its shares would still have 30 percent upside, Ji said.

Janco Partners analyst Mike Hickey estimates the Chinese market for World of Warcraft accounts for 5 to 6 cents a year of Activision's earnings, which analysts expect to be 65 cents, excluding items, in 2009, according to Thomson Reuters I/B/E/S.

While it was difficult to predict the actions of the government, if World of Warcraft goes offline it could hurt Activision's earnings by a penny or two in the current quarter, he added. (Reporting by Alexei Oreskov