Electronic Arts (EA) stock surged 5.04% in pre-market trading on Wednesday, as several prominent Wall Street analysts raised their price targets and reiterated positive ratings for the video game giant. The wave of optimistic analyst updates comes on the heels of EA's strong financial performance and strategic positioning in the gaming industry.
TD Cowen led the charge by significantly boosting its price target for EA from $172 to $183, maintaining a Buy rating. Deutsche Bank and Baird also raised their targets to $170, up from $165 and $168 respectively. Bank of America Global Research increased its price objective to $168 from $166, while Wedbush reiterated its Buy rating with a bullish price target of $210.
The positive sentiment from analysts appears to be driven by EA's robust financial results and strategic outlook. While some firms like BMO Capital maintained a Hold rating with a $166 price target, the overall consensus among analysts remains bullish. The average rating for EA stock is overweight, with a mean price target of $172.98, according to FactSet data. This wave of optimistic analyst updates has clearly resonated with investors, leading to the significant pre-market rally in EA's stock price.
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