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EA’s stocks have dropped three per cent after analysts expressed concerns that Star Wars: The Old Republic would not live up to expectations.
Brean Murray Carret & Co has cut its price target on EA stock down from $28 to $22, as analyst Todd Mitchell stated he had “creeping concerns” over the profitability of EA’s blockbuster MMO Star Wars: The Old Republic.
In a note to clients, Mitchell stated the game has not done as well as originally hoped, MarketWatch reports:
“Specifically, initial sales appear to be below expectations, and casual observation of early play is causing us to rethink our churn assumptions.”
EA’s stock has so far dropped to $17.75.
Earlier in the month the game dropped from number 10 spot in the Top 40 charts after its second week on the market, however many believed this was simply due to a drop in holiday shopping.
