Soleil Securities Group analyst Daniel Ernst boosted his rating on Electronic Arts to “Buy” from “Hold” and set a $55 price target, implying he expects the stock to jump 25 percent over Friday’s $43.94 close, according to this AP report.
“”We believe EA has a strong (product slate for the second half of the year) that should drive growth and serve as a catalyst for the stock,” Ernst said.
“The company plans to launch such titles as Mercenaries 2 and Left 4 Dead later this year,” he said. “In addition, the 20th anniversary of the popular Madden NFL game will likely debut in August, helping the company’s sports line.”
This news will come as a surprise to many after EA shares have slipped 25 percent this fiscal year.
By Mike Bowden