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

Electronic Arts' EA SPORTS and FIFA Extend Licensing Agreement Until December 31, 2022 Announces Begins Beta Testing Of 'Battlefield Online'

In a report published Wednesday, Brean Capital reiterated its Buy rating on Electronic Arts (NASDAQ: 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.

Posted-In: Brean CapitalAnalyst Color Price Target Analyst Ratings


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