Electronic Arts (EA) stock was hit hard on Thursday following the release of preliminary results from its upcoming earnings report. That included failures from Dragon Age: The Veilguard and poor performance from its latest EA Sports FC title. This saw the stock close out normal trading hours yesterday down 16.7% while it slipped another 0.16% this morning.
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Analysts weren’t pleased with this news, spurring many to update their coverage of EA stock. This had five-star BMO Capital analyst Brian Pitz and four-star Raymond James analyst Andrew Marok downgrade Electronic Arts shares to a Hold rating. Pitz also cut his price target for the video game developer and publisher’s stock from $160 to $145.
EA Stock Suffers More Price Target Cuts
A slew of other analysts also cut their price targets for EA stock following the company’s business update. Four-star Jefferies analyst James Heaney dropped the shares from $175 to $155, five-star Oppenheimer analyst Martin Yang decreased his price target from $165 to $140, five-start Stifel Nicolaus analyst Drew Crum lowered his from $167 to $133, five-star Roth MKM analyst Eric Handler cut his target from $158 to $134, five-start Robert W. Baird analyst Colin Sebastian reduced his from $175 to $158, and five-start Bank of America Securities analyst Omar Dessouky slashed his price target for EA shares from $170 to $130.
IS EA Stock a Buy, Sell, or Hold?
Despite these price target cuts, not many analysts downgraded Electronic Arts, leaving the analysts’ consensus rating at Moderate Buy based on nine Buy and eight Hold ratings over the last three months. With that comes an average price target of $159, a high of $207, and a low of $130. This represents a potential 34.09% upside for EA shares.
