UPDATE: Bank of America Raises PT on Electronic Arts Following Meeting with CFO
In a report published Wednesday, Bank of America reiterated its Neutral rating on Electronic Arts (NASDAQ: EA), and raised its price target from $16.00 to $19.00.
Bank of America noted, “We spent time with Electronic Arts CFO Blake Jorgensen visiting accounts. While acknowledging company specific (Medal of Honor sales) and industry challenges (SW down 20% in CY12 and likely down in CY13), EA was optimistic that better financial performance, specifically margin improvement, is possible going forward. Key topics of discussion were the impact of the console cycle transition, margin improvement opportunities, and CFO's focus on capital discipline.”
Electronic Arts closed on Tuesday at $18.51.
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