Electronic Arts Analyst Eyes Upcoming Releases Despite Concerns Over Apex Legends
Portfolio Pulse from Anusuya Lahiri
Benchmark analyst Mike Hickey reiterated a Buy rating and a $153 price target for Electronic Arts Inc (EA). Despite concerns over Apex Legends' growth, Hickey remains cautiously optimistic about EA's upcoming 2Q24 financial results. Key releases in the quarter included EA Sports FC 24 and Madden NFL 24, with EA Sports FC 24 showing strong launch numbers. However, the decision to remove FIFA 23 from digital stores before the launch of EA Sports FC could impact catalog sales. Hickey projects Q2 revenue of $1.70 billion vs. consensus $1.77 billion and EPS of $1.09 vs. consensus $1.25.
October 10, 2023 | 6:05 pm
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Electronic Arts Inc (EA) has been reiterated with a Buy rating and a $153 price target by Benchmark analyst Mike Hickey. Despite concerns over Apex Legends, Hickey remains optimistic about EA's 2Q24 results. Key releases in the quarter included EA Sports FC 24 and Madden NFL 24, with EA Sports FC 24 showing strong launch numbers.
The news is directly related to EA and its upcoming financial results. The positive rating from the analyst, along with the strong launch numbers for EA Sports FC 24, could potentially drive the stock price up in the short term. However, concerns over Apex Legends and the decision to remove FIFA 23 from digital stores could create some uncertainty.
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