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Benzinga

Business

Anusuya Lahiri

MKM Partners Cuts Electronic Arts Price Target By 6%; Remains Bullish

Electronic Arts MKM Partners EA SPORTS Eric Handler Activision Blizzard Inc ATVI Electronic Arts Inc Microsoft Corp

MKM Partners analyst Eric Handler lowered the price target on Electronic Arts Inc (NASDAQ:EA) to $172 from $182 but reiterated a Buy rating on the shares. The price target implies an upside of 32%.
With a strong balance sheet and "significant scale," Electronic Arts should remain a leading consolidator, Handler notes.
Still, following Microsoft Corp's (NASDAQ:MSFT) proposed acquisition of Activision Blizzard Inc (NASDAQ:ATVI) and the potential domino effect for an industry seeing platform and genre expansion, Electronic Arts could find itself a takeout candidate.
Handler adds that he remains "comfortable" with the expected 6% revenue growth forecast for Electronic Arts in FY23 thanks to the continued success of FIFA and Apex Legends, along with a full year's contribution from Golf Clash.
Price Action: EA shares traded lower by 3.76% at $130.11 on the last check Tuesday.

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