Electronic Arts Rises 12% on Upgrade Tied to ‘Titanfall’Rob Golum
Electronic Arts Inc., producer of the “Madden NFL” video games, rose 12 percent after CRT Capital Group LLC recommended the stock, citing prospects for the March release of “Titanfall” and soccer titles.
Electronic Arts, based in Redwood City, California, advanced to $24.10 at the close in New York, the biggest jump since May. The shares increased 58 percent last year.
“Video game stocks trade on game slates, and we believe that EA has one of the most highly anticipated games coming out at the end of March, ‘Titanfall,’” Neil Doshi, a CRT analyst, said in a research note yesterday. He also forecast a strong year for the company’s soccer titles because of the World Cup.
CRT initiated coverage of the stock with a buy rating and a $26 price target.
“Titanfall” is scheduled for release on March 11 for Microsoft Corp.’s Xbox One console, the Xbox 360 and personal computers, according to an Oct. 22 release from Electronic Arts and the developer, Respawn Entertainment. It’s a first-person action game featuring assault pilots and heavy armored 24-foot titans (7.3 meters), according to the company. A collectors edition will sell for $250.