Square Enix saw its Tokyo stock rating upgraded by Cosmo Securities, which lifted the Japanese based videogame maker to "neutral plus" from the "neutral" rating it has maintained since November 26.
The shares rose JPY 60 (USD 0.57), or 1.9 per cent, to close at JPY 3210 (USD 30.7) on the Tokyo Stock Exchange and much of the improvement is being put down to the performance of the company's Dragon Quest IX DS title, which sold 5 million units and will produce JPY 20 billion (USD 190 million) in revenue, Cosmo Securities analyst Takashi Oka reported.
"It's not surprising Dragon Quest IX for the portable console sold twice as many units as a version for stationary game machines,'' Oka wrote, according to Bloomberg.
The Cosmo Securities report also claimed that the company's net income for the year ending in March 2009 will almost double to JPY 17.4 billion (USD 166.9 million), 45 per cent higher than the company's target of JPY 12 billion (USD 115.1 million).
This comes after the company recently reported a profit of JPY 9.2 billion (USD 88.5 million) for fiscal year 2007, a 20.9 per cent fall from the previous year.