Electronic Arts price target lowered to $105 from $148 at Piper Jaffray
Piper Jaffray analyst Michael Olson believes Electronic Arts' initial fiscal 2020 outlook will be conservative and is adjusting his estimates now, in advance of that initial guidance. The analyst says he would not be surprised if any preliminary framework for fiscal 2020 implies revenue and earnings per share below his newly revised estimates and well below the current consensus estimates of $5.6B and $5.15, respectively. Olson also dropped his price target for the shares to $105 from $148. He points out, however, that his new target still represents greater than 25% upside potential. As such, he keeps an Overweight rating on Electronic Arts.