UPDATE: Piper Jaffray Downgrades Electronic Arts to Neutral on Core Portfolio Weakness

Piper Jaffray downgraded Electronic Arts Inc.

from Overweight to Neutral and lowered the price target from $18.00 to $14.00. Piper Jaffray noted, "Downgrading to Neutral and lowering estimates after a weak holiday NPD. A series of initiatives that have faced challenges has formed a pattern that leaves us less optimistic that the company will see a near-term (next 1-2 quarters) recovery. EA has had recent success with several franchises and digital initiatives, yet difficulties in 2012 have overshadowed these victories. It was, therefore, important for EA to have a strong holiday to regain investor confidence and build momentum into 2013. Holiday has been challenged by weakness in Medal of Honor." Electronic Arts closed at $14.00 on Thursday.