Electronic Arts price target raised to $170 from $150 at BofA

BofA raised the firm’s price target on Electronic Arts to $170 from $150 and keeps a Buy rating on the shares. The company’s fiscal Q1 bookings and earnings came in above the high end of guidance and well exceeded Street expectations, with outperformance primarily from EA Sports, the analyst tells investors in a research note. The firm says the strength of EA’s core sports franchise against a “sluggish” industry backdrop supports its thesis that the company’s long-time fan favorites are gaining share of gamers’ budget and attention. It sees a constructive share setup into the September 17 investor day.