BofA analyst Omar Dessouky downgraded Electronic Arts to Neutral from Buy with a price target of $130, down from $155, following the company’s fiscal Q3 miss, noting that the company’s FY24 growth guidance is "well below" the Street forecast. The firm revised its FY23 and FY24 net bookings and earnings forecasts to be in line with the company’s guidance, but noted that EA management is appearing not to assume a recession in its FY24 indications. BofA added in its downgrade note that EA’s pushouts, cancellations and softness "give little to grasp on to."
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Published first on TheFly
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