UPDATE: Stifel Nicolaus Raises PT to $21 on Electronic Arts Following CEO Resignation

Stifel Nicolaus maintained Electronic Arts

with a Buy rating and raised the price target from $17.00 to $21.00. Stifel Nicolaus analyst Drew Crum wrote, "On Monday night John Riccitiello announced his resignation as CEO of Electronic Arts. Additionally, the company reduced FY13 guidance. … [W]e think change here is likely to be well received by investors. While Mr. Riccitiello's tenure as CEO coincided w/ a challenging backdrop for the video game industry, his legacy may be remembered by questionable strategy and execution (i.e., an over-hyped The Beatles: Rock Band release, expensive acquisitions like PopCap, a failed MMO effort w/SWTOR, etc.) ~ a period over which EA lost more than -60% of its market value." Electronic Arts closed at $18.71 on Monday.