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Benzinga
Benzinga
Business
Anusuya Lahiri

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

  • 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:MSFTproposed 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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