Electronic Arts price target raised to $159 from $150 at Benchmark

Benchmark analyst Mike Hickey raised the firm’s price target on Electronic Arts to $159 from $150 and keeps a Buy rating on the shares. The “most substantial incremental catalyst in the quarter and fiscal year,” Star Wars Jedi Survivor, has surpassed the firm’s initial expectations and should drive growth upside in the quarter, the analyst tells investors. However, the firm is “tempering our optimism for meaningful upside on EA‘s FY24 growth guidance” given the exceptional performance of FIFA 23 during the last fiscal year as it benefited from the World Cup’s engagement during the holidays, Benchmark added.