Electronic Arts (EA) PT Lowered to $138 at UBSHe said, "After pre-announcing F3Q bookings and lowering F25 bookings guidance on 1/22 for weaker global football and Dragon Age, EA reported lower F3Q profits and lowered F25 profit guidance by ~15%. Mgmt suggested the downside at global football stemmed from softer acquisition/migration from FC24 combined with higher churn within the competitive cohort, but cited a return to yoy bookings growth following a Jan gameplay refresh (total players flat across FC catalog). Guidance assumes DD declines in global football bookings in F4Q, which could prove conservative. For F26, the company is confident in a return to growth with FC rebounding and new title launches, including Battlefield, skate and College Football 26. That said, the magnitude of growth will be sensitive to the timing of title releases, where we expect mgmt to be prudent given the potential launch of GTA VI. While we are constructive on the multi-year pipeline, we await better visibility into FCs rebound and the timing/execution for new Entertainment titles (both of which are key to driving accelerating growth). For now, we model 8% bookings growth in F26 and 12% O.I. growth in F26 vs. 4%/8% declines in F25."