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Shares of Electronic Arts (EA) - Get Electronic Arts Inc. Report were gaining by 2.57% to $116.61 on Wednesday afternoon, after Bank of America/Merrill Lynch raised its rating on the videogame maker to "buy" from "neutral."

Bank of America/Merrill Lynch has set a price target of $131 on the stock, above its previous $125 price target.

The rating change comes as the firm is optimistic that EA's full year 2018 upside can expand further. The firm sees a multiple that is in line with rival Activision Blizzard (ATVI) - Get Activision Blizzard, Inc. Report and could result in greater EPS upside.

Electronic Arts reports its first quarter earnings results after the market closes on Thursday.

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