UPDATE: Piper Jaffray Raises Prices Target on Electronic Arts Inc. Based on Upside of FIFA World Cup

In a report published on Wednesday, Piper Jaffray analyst Michael Olson raised the price target on Electronic Arts Inc.

from $24.00 to $28.00 and maintained Overweight for the video game software giant. In the report, on why he raised the price target, Olson stated, "The 2014 World Cup in Brazil represents a major growth catalyst for EA's FIFA franchise. We note that during FY'11 EA grew total FIFA franchise revenue in the U.S. by 50% y/y, driven by the 4/27/10 release of 2010 FIFA World Cup South Africa. EA will launch a Brazil World Cup 2014 title which we expect to sell over 3 million units during Q1'15 and help to build the total addressable market and engagement ahead of the September FIFA '15 launch." Electronic Arts is currently trading at $22.80, up .35 percent from its Tuesday close of $22.72.