Analyst Note
| Neil Macker, CFA |EA posted a decent fiscal third quarter as revenue met and EBITDA slightly beat FactSet consensus. Sports titles remain the key for the firm as the latest versions of FIFA and Madden both saw large increases in player engagement versus last year. Apex Legends continues to gain from the lockdown restrictions as new players grew 30% year over year and management now expects fiscal 2021 net bookings to exceed $500 million, up from the original projections of $300 million-$400 million. We maintain our narrow-moat rating and our $134 fair value estimate.