Macquarie's still bullish on the major videogame publishers in a new update, maintaining Outperform ratings on Activision Blizzard ( ATVI -0.4%), Electronic Arts ( EA -0.3%) and Take-Two Interactive Software ( TTWO -0.9%).

The firm's Ben Schachter went into some detail about structural differences in how the three grow margins. While U.S. publishers have traditionally hit operating margins of 10-30% (vs. Asian PC-centric companies at 40-45% or more), he says Activision could grow closer to 40-45% over time, and that EA and Take-Two could grow past 35%.

Among differences, he noted that Activision and Take-Two amortize software development costs in costs of goods sold as they recognize revenue, while EA expenses development costs as they occur, in the R&D line below gross profit.

As for revenue, while the companies have many similarities (based on wholesale price for AAA physical, a net basis for digital revenues and for China PC distributors), they differ on mobile, where Activision recognizes gross (100%) while EA and Take-Two recognize net (70%).

Macquarie had boosted its price target to $36 for ATVI on Nov. 4 (it closed at $39.43 today); it holds targets of $83 for EA (19% upside implied); $38 for TTWO (7% upside implied).

Previously: Pacific Crest: Activision won holiday videogaming with 'Call of Duty'(Dec. 30 2015)