Fri, Oct 31, 2008 | 12:07 GMT
Pachter slashes price target on EA following Q2 financials
Wedbush Morgan’s Michael Pachter has heavily dropped his 12-month price target on EA, heading south from $53.50 to $38.
The analyst is maintaining a “strong buy” rating on the firm.
Pachter also pulled back his EPS estimate for EA, down from $1.70 to $1.40.
The moves come following the announcement of both increased losses and sales in the second quarter from EA yesterday, and confirmation that the publisher is to shed 6 percent of its workforce.