UPDATE: Citi Raises PT on Electronic Arts to $26

Citi is out with its report today on Electronic Arts (NASDAQ: ERTS), raising its PT from $23 to $26.

In its report, Citi writes, "We arrive at our $26 target price for ERTS based on Non-GAAP P/E analysis. Our price target is derived by applying a 22x multiple to our CY2013 Non-GAAP EPS estimate of $1.17."

Citi maintains Neutral on ERTS.

At the time of posting, shares of ERTS were trading pre-market at $23.50, down 4.08% from Thursday's close.