UPDATE: Deutsche Bank Lowers Target on Electronic Arts to $13

Deutsche Bank remains Sell rated on Electronic Arts

and lowers its price target to $13 from $14, as it believes the company will have a down year for 2013 on a narrow lineup of titles, despite improved execution. Deutsche Bank says, "We think that FY13 looks to be a down year, due to a declining industry, fewer titles from EA, tough comp, and strength required from Star Wars subs. These subs are around 850K (usage data looks to be declining). With cash flows materially lagging profits and 50x FY12 FCF, we think there are lofty expectations embedded in EA shares." EA closed at $18.44 a share yesterday.