KeyBanc analyst Tyler Parker lowered the firm’s price target on Electronic Arts to $138 from $155 and keeps an Overweight rating on the shares. The firm notes Q3 results were below its expectations, which was driven by weaker than expected new game sales and Apex Legends underperformance. Full year 2023 guidance was lowered, primarily due to the Q3 miss and delay of Star Wars Jedi Survivor into Q1 2024, KeyBanc adds. The firm believes the stock should reset here, but thinks Q4 estimates are appropriately reset and full year 2024 guideposts of mid-single digit growth present limited downside risk.
Published first on TheFly
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