UPDATE: Brean Capital Reiterates Buy Rating, Raises PT on Electronic Arts

In a report published Wednesday, Brean Capital reiterated its Buy rating on Electronic Arts EA, and raised its price target from $15.00 to $19.00. Brean Capital noted, “We are raising our fiscal 2013 non-GAAP EPS estimate for EA to $1.05 from $1.00 on increased comfort with our in-line F3Q13 estimate ($0.55, up from $0.54 on fine tuning), and an increase in our F4Q13 estimate to an above consensus $0.76 from $0.71 on stronger-than-expected sales of Battlefield Premium. We are also raising our fiscal 2014 revenue estimate to $4.3 billion, from $4.14 billion, on a stronger FPS comp and an expanded line-up, but maintaining our fiscal 2014 non-GAAP EPS estimate at $1.20, albeit with an upward bias. As a result, we are increasing our price target to $19 from $15. Our new target price is based on 13.0x our calendar 2013 estimated non-GAAP EPS of $1.46, or 10.0x excluding net cash.” Electronic Arts closed on Tuesday at $14.74.