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NEW YORK (TheStreet) -- Shares of Electronic Arts (EA) - Get Electronic Arts Inc. Report were falling 3.9% to $73.09 with heavy trading volume on Friday despite the video game publisher's positive third quarter earnings report.

On Thursday, EA reported earnings of 65 cents a share for the second quarter of fiscal 2016, well above analysts' estimates of 45 cents a share for the quarter. Revenue fell 5.7% year over year to $1.15 billion for the quarter, above analysts' estimates of $1.1 billion.

EA said that EA SPORTS monthly average players increased 30% year over year in the fiscal second quarter. The company also highlighted the recent Star Wars Battlefront beta as the largest in its history with more than 9.5 million players.

Looking to fiscal 2016, EA said it now expects earnings of about $3 a share, up from $2.85 a share, and revenue of $4.5 billion, up from $4.45 billion. Analysts expect the company to report earnings of $2.96 a share and revenue of $4.53 billion for the fiscal year.

Analyst firm Jefferies raised its price target for EA to $95 from $80 and reiterated its "buy" rating following the company's earnings report.

"If EA can post such solid results in its 'tough quarter' we are even more optimistic around the holiday, when key title Star Wars Battlefront drops on November 17," Jefferies analysts wrote. "EA continues to benefit from two powerful tailwinds:  fast console sales and the digital transition, which is resulting in EA being structurally more profitable than ever."

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About 4.8 million shares of EA were traded by 10:32 a.m. Friday, above the company's average trading volume of about 3.2 million shares a day.

TheStreet Ratings team rates ELECTRONIC ARTS INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:

We rate ELECTRONIC ARTS INC (EA) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel its strengths outweigh the fact that the company shows weak operating cash flow.

You can view the full analysis from the report here: EA

EA data by YCharts

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