Electronic Arts price target lowered to $150 from $154 at BMO Capital

BMO Capital analyst Gerrick Johnson lowered the firm’s price target on Electronic Arts to $150 from $154 but keeps an Outperform rating on the shares. The company’s Q3 earnings miss was driven by macro weakness amid economic uncertainty and inflation’s impact on gamers’ budgets, the analyst tells investors in a research note. The firm adds however that in spite of the "ugly print", EA remains its top pick in video games thanks to its portfolio of high quality sports titles and the "sticky" Ultimate Team in-game spending model.