UPDATE: Hilliard Lyons Downgrades Electronic Arts to Neutral on Valuation

Hilliard Lyons downgraded Electronic Arts Inc. EA from Long-term Buy to Neutral and removed the price target of $19.00. Hilliard Lyons noted, "EA shares have performed relatively well over the past six months or so, despite several rounds of cuts to projected earnings. Upside to our previous price target has narrowed. Management made cautionary remarks regarding the outlook for the industry's packaged goods segment and the upcoming console transition. In addition, we wonder if significant cutbacks in various expense areas might crimp EA's future growth. We have lowered our earnings estimates and prefer to move to the sidelines for better risk/reward conditions and greater detail on the FY14-FY15 product release schedule." Electronic Arts closed at $15.73 on Thursday.