Electronic Arts initiated with an Outperform at Wedbush

Wedbush analyst Nick McKay initiated coverage of Electronic Arts with an Outperform rating and $164 price target. EA has experienced several headwinds thus far in FY23, including generally unfavorable foreign currency translation trends, a very challenging competitive landscape ahead of the holidays, macroeconomic pressure, and mobile market softness, but Wedbush considers these headwinds to be largely transitory, the analyst tells investors in a research note. The firm is a believer in the company’s long-term growth potential anchored by its leading sports brands, high-profile non-sports franchises, and vast mobile opportunity.