UPDATE: Shares of Electronic Arts (NASDAQ: EA) are soaring, up more than 10% since last week, as excitement builds around the highly anticipated Battlefield 6. The stock surged over 5% on Monday alone, closing at approximately $176 per share.
The pivotal moment came during the massive open beta of Battlefield 6, which took place from August 9 to 10 and is set to continue from August 17 to 20. Over 521,000 players logged in simultaneously at its peak, marking the highest player count for any Battlefield game, surpassing the 150,000 concurrent users seen during the Battlefield 2042 beta in 2021. Analysts at DA Davidson hailed the event as a “dream rollout,” reflecting overwhelming enthusiasm from gamers.
The positive reception has prompted analysts to upgrade their outlook on EA stock. DA Davidson raised its price target by $10 to $160 following the beta’s success. With the stock already exceeding this target, further bullish assessments are anticipated as more analysts digest the beta results.
In addition to the beta buzz, EA recently reported stellar fiscal first-quarter results, with revenues of $1.67 billion and earnings of 79 cents per share, both exceeding expectations. The company also maintained its full-year guidance, projecting revenues between $7.1 billion and $7.5 billion.
The stock received notable price target increases last week, including a significant boost from Arete to $192 per share, while Baird and Bank of America also raised their targets to $170 and $168 respectively. The current median price target stands at $170, which EA stock has already surpassed.
With the Battlefield 6 open beta continuing this weekend, investor optimism is palpable. EA’s shares are up 21% year-to-date, and analysts are keenly watching to see if momentum will carry through further.
As gaming enthusiasts flock to experience the latest installment in this iconic series, the ripple effects on EA’s stock and market sentiment are significant. Investors and gamers alike are urged to stay tuned as the excitement unfolds.