Nintendo's stock got a boost on expectations that Pokémon Go will be launched in China.
Nintendo raised its Switch shipment targets to 14 million units from 10 million units for its fiscal year ending in March.
Nintendo's stock hit a nine-year high after reports that it is boosting production of the Switch.
Nintendo's Switch sales cycle is going to last longer than originally predicted, prompting Credit Suisse to raise its rating and price target on the stock.
Much of the focus has been on Nintendo's Switch game console, but one analyst makes the case as to why investors should be looking at mobile gaming.
A Nintendo spokesman said the lack of supply of the Switch game console is not on purpose and isn't designed to create a frenzy.
Nomura thinks shares of Nintendo could climb even higher this year thanks in large part to the Switch game console and the online offerings around it.
Building on the success of Pokemon Go, Nintendo prepares to roll out its next new mobile game.
The game maker is reportedly gearing up to produce 18 million units for the holiday selling season.
Nintendo is in a race with Apple and other device makers to get its hands on key components in order to keep up with demand for the Switch.