UPDATE: Hudson Square Research Downgrades Electronic Arts

According to a research report published this morning, Hudson Square Research has downgraded Electric Arts EA from Buy to Hold. In the report, Hudson Square Research said, "Yesterday evening, EA reported 4Q revenues and EPS slightly above expectations, while Star Wars subs fell materially, making guidance difficult to achieve we believe – Downgrade to Hold. Solid Mass Effect 3 sales offset a weak market driving revenues to $977M – down 2% Y/Y but above our $950M est. Lower than expected R&D helped drive PF-EPS to $0.17 vs. our $0.15 est. Active Star Wars subs fell from 1.7M to 1.3M, suggesting our 3M FY13 forecast was directionally wrong." Electronic Arts closed yesterday at $15.13.