Wedbush Maintains Underperform on Electronic Arts

Wedbush is out with its report today on Electronic Arts (NASDAQ: ERTS), maintaining Underperform.

In its report, Wedbush writes, "Maintaining our OUTPERFORM rating, and 12-month price target of $27, which reflects a multiple of 18x our FY:13 EPS estimate of $1.15/share, plus an estimated $6/share in cash. Our multiple is near the low end of the company's historical range to reflect uncertain industry growth."

At the time of posting, shares of ERTS were trading at $21.69, up 3.48% from Wednesday's close.