Cowen analyst Doug Creutz downgraded Electronic Arts to Market Perform and lowered its price target to $82 from $96. The analyst believes Titanfall 2 sales are going to be "substantially disappointing" and lowered his unit sales estimate to 6M from 9M. He did increase Battlefield 1 unit sales to 16.5M from 14M and said an outright guidance miss is unlikely given Battlefield 1 gross margins are higher than Titanfall 2 due to lack of developer royalty payments. Creutz expects share to correct as the stock is priced for upside to current consensus estimates.
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