Electronic Arts price target lowered to $112 from $131 at Roth Capital

Roth Capital lowered the firm’s price target on Electronic Arts to $112 from $131 and keeps a Neutral rating on the shares. The firm notes EA reported weaker than expected Q3 results and lowered its guidance for Q4. In addition, while management’s initial full year 2024 view for mid-single digit growth for the top line and profitability is largely in line with Roth’s prior outlook, the lowered full year 2023 base is producing a sizable cut to the firm’s absolute bookings and EPS forecast of 10% and 15%, respectively.