UPDATE: Ascendiant Capital Reiterates Neutral Rating on Electronic Arts After Announcement of CEO Depature

Ascendiant Capital analyst Edward Woo has published a report on Electronic Arts

that reiterated it's Neutral rating and price target of $20 after CEO, John Riccitiello, announced his departure which will come at the end of March. In the report Ascendiant Capital said, "Not a big surprise: We are not that surprised that EA has decided to change CEO. Since Mr. Riccitiello returned to EA as CEO in 2007, EA's stock price has declined ~60%. More recently, EA has had a number of significant disappointments including the recent negative launch of SimCity, weak 2012 holiday sales of Medal of Honor: Warfighter, and disappointing sales and conversion to free-to-play of Star Wars: The Old Republic (launched December 2011)." Electronic Arts closed Monday at $18.71.