Electronic Arts price target lowered to $135 from $150 at Raymond James

Raymond James analyst Andrew Marok lowered the firm’s price target on Electronic Arts to $135 from $150 and keeps an Outperform rating on the shares. EA‘s Q3 results were soft, while FY23 bookings guidance and FY24 growth expectations came in notably below expectations, the analyst tells investors in a research note. Raymond James remains optimistic long-term about the ability to get back on track given the projects in development likely to come beyond FY25, but thinks this quarter will raise questions about management’s execution track record.