Shares of Electronic Arts have fallen ~10% since the new content for Apex Legends was made available on July 2, Piper Jaffray analyst Michael Olson tells investors in a research note. However, player engagement, as measured by Twitch viewing, has been largely in-line with expectations and increases confidence in EA's ability to hit the guidance range of $300M-$400M for Apex Legends in fiscal 2020, Olson says. He believes management's overall fiscal 2020 outlook appears "somewhat conservative, with limited downside risk to any major components." The analyst maintains an Overweight rating on Electronic Arts with a $115 price target.

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