Electronic Arts shares rally

SINGAPORE, Dec 8 (AP): Shares of Electronic Arts bounced back from a punishing sell-off the previous day after acknowledging technical glitches that have marred the release of its latest installment of the blockbuster "Battlefield" video game series.

The Redwood City, Calif., company said last Thursday that Dice, the studio it owns and which developed "Battlefield 4," will stop working on future titles and focus on fixing issues with the game. Users have complained that "Battlefield 4" freezes and has other technical issues.

Electronic Arts said that the work being done to fix "Battlefield 4" won't impact its release schedule. "Battlefield 4" was released in late October. Dice is also developing an upcoming "Star Wars" game and a follow-up to its "Mirror's Edge" game.

Wedbush analyst Michael Pachter said company shares were hurt Thursday by speculation that the problems would delay the release of another version of the "Battlefield" series. He believes that speculation is unfounded.

Pachter said he is keeping an "outperform" rating on the shares and a 12-month price target of $30.

"We believe (Electronic Arts Inc.) represents the best opportunity for investors to benefit from continued digital growth for the industry in the coming years, as well as from a likely rebound in packaged goods sales as the new consoles are adopted," the analyst wrote.
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