Electronic Arts (EA): Raising PT - Oppenheimer
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Oppenheimer analyst, Andrew Urkewitz, reiterated his Outperform rating on shares of Electronic Arts (NASDAQ: EA) and raised his price target to $94 from $88 based on 21x updated FY18 EPS of $4.47 (up from $4.19).
The analyst is encouraged by initial positive reviews of major titles for this year (FIFA 2017, Battlefield 1, and Madden 2017). Across the franchises, EA has delivered welcome tweaks that appeal to both the new and old fan base. In addition to the solid year-over-year improvements in accessibility, quality, and game play, the analyst finds the favorable impression of FIFA 2017's migration to Frostbite a major milestone for EA.
The analyst expects the shared game engine (adoption to more titles expected) to deliver better graphics to more franchises and drive further cost savings in the near future.
Shares of Electronic Arts closed at $19.84 yesterday.
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