As previously reported, Atlantic Equities analyst Kunaal Malde downgraded Electronic Arts to Neutral from Overweight after the company reported Q2 results and maintained FY19 guidance, but with a weighting more to upfront sales than originally expected, which he said raises concerns that the mix shift to recurring revenue lines could be fading. Live Services slowed again, contrary to our prior expectations, added Malde. Given that the stock is down about 35% from its highs, he thinks there may be limited further downside, but he also sees few positive near-term catalysts, Malde tells investors. He lowered his price target on EA shares to $110 from $140.