Piper Jaffray analyst Michael Olson reiterated an Overweight rating Electronic Arts (NASDAQ: EA) following results and raised his price target to $37.00 (from $34.00)

Olson commented, "EA reported a strong Mar quarter and guided FY15 EPS materially ahead of consensus. Non-GAAP revenue declined -12% y/y (vs. Street -22% y/y); upside compared to consensus was primarily driven by digital sales, lower than expected decline in legacy gen software, and Titanfall. PF EPS exceeded consensus by $0.37 (reported $0.48 vs. Street at $0.11) as aggressive cost containment and mix shift to digital is allowing for ongoing op margin expansion. EA has now shown a consistent track record of op margin improvement (from 9.7% in FY13 to 17.8% in FY14) and is a year ahead of the stated goal of achieving a 20% PF op margin by FY16 (now expected for FY15). 2014 will represent the beginning of a multi-year renewed growth phase in video game software and we believe EA is positioned to benefit."

The firm raised FY 2015 EPS from $1.61 to $1.85 and FY 2016 EPS from $1.91 to $2.13.

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Shares of Electronic Arts closed at $28.05 yesterday.