UPDATE: Piper Jaffray Raises PT on Electronic Arts to $28

Piper Jaffray is out with its report today on Electronic Arts ERTS, raising its PT from $26 to $28. In a note to clients, Piper Jaffray writes, "Madden is EA's second-largest franchise and represents roughly 10% of EA's domestic sell-through according to NPD. The potential for an NFL lockout prompted the company to lower FY12 sales expectations on Madden 12 by roughly 1/3 (or $85-$90m). Based on chatter that NFL owners and the NFL players association are nearing a deal, we believe there is potential upside to both our and Street estimates. We maintain an OW rating and are increasing our price target from $26 to $28 based on decreased risk of a cancelled NFL season." Shares of ERTS closed Tuesday at $24.10, up 2.08% from Monday's close.