Fly News Breaks for December 9, 2019
Dec 9, 2019 | 08:32 EDT
SunTrust analyst Matthew Thornton raised his price target on Electronic Arts to $113 and kept his Buy rating. The analyst says he has the "highest confidence" in the company's short-term revision trend among its gaming peers following a"very solid" Q2 and amid a favorable set of fundamentals that includes a shift to digital gaming, console upgrade cycle, improving revenue sharing in content distribution, and its balance sheet position. Thornton further cites potential catalysts for Electronic Arts that include FIFA/Madden e-sports league development, successful launch of Apex Legends on mobile and in China, and further M&A activity or licensing of new IP.
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