Stifel Raises price Target on Electronic Arts (EA) Ahead of 2Q Earnings Report
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Stifel reiterated a Buy rating on Electronic Arts (NASDAQ: EA), and raised the price target to $88.00 (from $87.00), ahead of the company's 2Q earnings report. Electronic Arts is scheduled to report results on November 1st. Stifel's estimates non-GAAP EPS of $0.43 (vs. $0.65) on revenue of $1.088 billion, which is generally in line with consensus and slightly above guidance.
Analyst Drew Crum commented, "Electronic Arts is scheduled to report FY2Q results on November 1st. Our estimates include non-GAAP EPS of $0.43 (vs. $0.65) on revenue of $1.088 billion (-5%) which positions us generally in line with consensus and slightly above guidance ~ the expected y/y decline largely reflects the timing of the FIFA release this year. We’ve updated our game model (incrementally more bullish on Battlefield 1, more bearish on Titanfall 2), but our estimates are unchanged. Overall, we expect EA to deliver a solid quarter, remain positive on the company's 2H line-up and the longer-term prospects for video game publishers, generally, and continue to recommend purchase of the shares."
Shares of Electronic Arts closed at $82.59 yesterday.
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