Electronic Arts price target raised to $170 from $147 at Argus

Argus analyst Joseph Bonner raised the firm’s price target on Electronic Arts (EA) to $170 from $147 and keeps a Buy rating on the shares. The shares were hit hard by the Q3 shortfall and guidance revision, but the “quick turnaround and strong” Q4 results “are just what the company needed,” the analyst tells investors in a research note. The firm says that while the key to Electronic Arts’ fiscal Q4 rebound was fixing its flagship FC soccer videogame, continued momentum from other games and the “surprisingly strong debut” of new videogame Split Fiction also contributed to results.