Piper Jaffray analyst Michael Olson notes that Electronic Arts' initial earnings guidance has understated final results by an average of 11% over the past three years. As such, he believes the company's initial fiscal 2019 guidance, which came in 3% below consensus, is likely conservative. The "solid" March quarter results and likely conservative guidance suggest that Electronic Arts is not being significantly impacted by Fortnite and remains confident in continued digital revenue streams, Olson tells investors in a post-earnings research note. He raised his price target for the shares to $148 from $145 and maintains an Overweight rating on the name.

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