These Analysts Cut Their Forecasts On Electronic Arts After Preliminary Q3 Results

Electronic Arts Inc EA reported preliminary financial results for the third quarter on Wednesday.

EA said it previously anticipated mid-single-digit growth in live services net bookings, but now projects a mid-single-digit decline largely due to a slowdown in Global Football.

The Global Football franchise experienced a slowdown in the quarter as early momentum faded, the company said. Separately, Dragon Age only engaged approximately 1.5 million players during the quarter, about 50% lower than the company's expectations.

"During Q3, we continued to deliver high-quality games and experiences across our portfolio; however, Dragon Age and EA SPORTS FC 25 underperformed our net bookings expectations," said Andrew Wilson, CEO of EA.

EA shares fell 0.7% to close at $142.35 on Wednesday.

These analysts made changes to their price targets on EA following earnings announcement.

• BMO Capital analyst Brian Pitz downgraded Electronic Arts from Outperform to Market Perform and lowered the price target from $160 to $145.
• B of A Securities analyst Omar Dessouky downgraded Electronic Arts from Buy to Neutral and lowered the price target from $170 to $130.
• Raymond James analyst Andrew Marok downgraded the rating for Electronic Arts from Outperform to Market Perform.

Considering buying EA stock? Here’s what analysts think:

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