UPDATE: Piper Jaffray Lowers Electronic Arts' PT
According to a research report published this morning, Piper Jaffray has lowered Electronic Arts' (NASDAQ: EA) PT from $26 to $19.
In the report, Piper Jaffray commented, "Electronic Arts reported essentially in-line Q4 top and bottom-line numbers, however the below consensus 1.3 million Star Wars subs and FY13 revenue guidance disappointed. EA faces headwinds associated with an aging console cycle, and the company is taking steps to diversify its revenue streams toward mobile, social and PC. Shares have underperformed as a result of weak industry data and disappointing early results from mobile/social/SWTOR."
Piper Jaffray maintains its Overweight rating on Electronic Arts, which is currently trading at $14.01.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.