UPDATE: Sterne Agee Reiterates Electronic Arts at Buy Following Guidance, CEO Resignation

Sterne Agee maintained Electronic Arts

with a Buy rating and a $22.00 price target. Sterne Agee analyst Arvind Bhatia commented, "Given the material underperformance in EA's results and consequently its shares during CEO John Riccitiello's tenure, we believe the announcement of his resignation will not be surprising to investors. The company lowered F4Q'13 (March) estimates slightly but will likely get a pass as investors appear focused on the positives of the imminent next-gen cycle." Electronic Arts closed at $18.71 on Monday.