Electronic Arts (NasdaqGS: EA) jumped Wednesday, paring losses in video game sector-related exchange traded funds, after the gaming publisher raised its dividends and analysts upgraded the company.

On Wednesday, the Global X Video Games & Esports ETF (HERO) dropped 0.3%.

Meanwhile, Electronic Arts shares jumped 7.9% on Wednesday. EA makes up 7.0% of HERO’s underlying portfolio.

“With amazing games, built around powerful IP, made by incredibly talented teams, and outstanding engagement in our live services, FY23 is set to be a year of innovation and growth for Electronic Arts,” said chief executive officer Andrew Wilson in a statement.

The video game publisher said that the adjusted revenue for the three months ending June 30 will be $1.2 billion to $1.25 billion, or slightly lower than the expected $1.45 billion, Bloomberg reports.

EA also announced a quarterly dividend of 19 cents per share, up 12% from the previous quarter, Investing.com reports.

MoffettNathanson analyst Clay Griffin upgraded EA to a “buy” rating with a $141.00 per share price target.

“With a clean balance sheet, consistent and strong free cash flow generation, and a stable of other healthy franchises already in hand, EA is set up pretty well to weather continued market volatility. Rising rates are a drag on every financial asset, but with a significantly cheaper stock and relative advantages, we think EA is worthy of an upgrade to Buy,” Griffin said in a client note.

Raymond James analyst Andrew Marok trimmed its price target to $150.00 per share from $158.00, but he remains optimistic with an overall “outperform” rating on EA.

“EA’s pipeline for FY23 looks robust (concentrated in 2H), with 4Q bringing a major IP (potentially Jedi FallenOrder 2), a high profile remake (we believe Dead Space), an unannounced Partner IP, and a new sports title (Super Mega Baseball) in addition to a strong mobile lineup featuring a revamped FIFA, Apex Legends Mobile, and a new Lord of the Rings title. While industry metrics remain hit-and-miss, EA’s F4Q results demonstrate stability driven by top-class IP and content resonating with players,” Marok told clients.

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