EA stock jumps after analyst upgrade
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EA (ERTS) shares rose 4 percent this morning after Bear Stearns analyst Ed Urban upgraded the stock from "peer perform" to "out perform", following a 26 point slide since December 26.
“Shares have returned to levels seen at the beginning of the cycle, despite more certainty around cycle growth prospects,” Urban said.
Urban has a $60 target on EA, which stood today at $47.38 after the rise.
“While a protracted consumer slowdown would be expected to have some impact on the publishers, we believe ERTS’ revenue growth expectations - +17% y/y -are reasonable given the recent industry updates from hardware manufacturers and publishers,” Urban added.