Electronic Arts (EA) PT Raised to $110 at Jefferies
Jefferies raised its price target on Electronic Arts (NASDAQ: EA) to $110.00 (from $105.00) while maintaining a Buy rating following a solid 'beat and raise' quarter.
Analyst Brian Fitzgerald commented, "Key title Battlefield 1 proved it was indeed the profit driver we were hoping for, delivering record quarterly revenue & EPS. With robust sell-in and "massive" engagement, the game is now poised to generate high-margin digital revenue starting in late March. Importantly, EA saw an inflection point where ~1/3 of new console titles are downloaded (vs. physically bought); this looks like a tailwind for the group. We raise our PT to $110 and reiterate Buy."
The firm raised FY 2017 EPS from $3.65 to $3.83.