BMO Capital downgraded Electronic Arts (EA) to Market Perform from Outperform with a price target of $145, down from $160. The company preannounced fiscal Q3 results suggesting a “meaningful” quarterly bookings miss, given that EA Sports FC25 is struggling with tough comps and Dragon Age: The Veilguard id experiencing 50% lower than expected engagement, the analyst tells investors in a research note. As a result of softer engagement trends, BMO reduced bookings estimates and believes investors will need increasing visibility into EA’s upcoming release slate to regain confidence in the story.
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Read More on EA:
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