Cowen and Company, a financial analyst company, has come to the conclusion that the Call of Duty series has peaked.

They looked at data on Call of Duty Advanced Warfare preorders, and compared this with the preorder and sales numbers for the last few titles, including Call of Duty Ghosts and Call of Duty Black Ops 2. They do clarify that preorders are no longer an accurate predictor of sales, but have still come to this conclusion.

This is how Cowen and Company’s analyst summarizes it:

“Advanced Warfare is now pacing almost 40 percent behind last year’s Ghosts and almost 70 percent behind 2012’s Black Ops 2. We continue to believe CoD will be down meaningfully vs. last year. With the franchise facing two consecutive significant year on year declines in sales, we think it is prudent to assume it has peaked.”

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