Electronic Arts (EA) PT Raised to Street High $151 at Benchmark, 'Expect Upside on Elevated Engagement & Monetization'
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Benchmark analyst Mike Hickey raised the price target on Electronic Arts (NASDAQ: EA) to $151.00 (from $143.00) while maintaining a Buy rating.
The analyst comments "We balance execution risk favorably based on our expectation for continued elevated player engagement and subsequent financial momentum. We believe EA’s FY21 game slate is essentially on target, FIFA and Madden release dates announced, somewhat offset from uncertainty around EAP games. Recent economic indicators suggest the U.S. economy is recovering faster than expected; EA provided guidance on May 5th, deep in the paralyzing grip of a pandemic and economic freeze and were suggestive of a more cautious than normal view. We anticipate EA Sports and related live services will perform strong without a traditional professional sports season; as witnessed. EA has nearly $6B in cash, $1.4B in FCF and $1.1B in debt."
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