UPDATE: Citigroup Cuts PT to $19 on Electronic Arts; Resets Expectations for 2013

Citigroup lowers its price target on Buy-rated Electronic Arts EA from $26 to $19 on mixed quarterly results for F4Q12. Citigroup comments, "Positives: 1) Modest Beat FQ4; 2) FQ13 EPS guide in-line with the Street; 3) Strong Digital Revenue at $425MM with outperformance in most line items; 4) Solid Balance Sheet & $240MM Stock Buyback. Negatives:1) FY13 Revenue Guide below expectations; 2) Star Wars subs disappoints & SW market might be smaller than expected; and 3) Risk in aggressive digital strategy for FY13. …Our CY12 EPS goes from $1.04 to $0.89. Our target price goes from $26 to $19 based on 15x our CY2013 Non-GAAP EPS of $1.27." EA closed at $15.13 on Monday.