Stephens said it likes the game maker's upcoming slate of releases.

"In the console space we continue to be buyers of both Take-Two and EA but we are flipping our best idea to EA as we see more near-term catalysts for them. With Apex Legends Season 2 beginning on July 2nd, the data shows that Fortnite's popularity has hit a lull and Season 2 is launching at the right time to capture momentum. We're not predicting that Apex is going to eclipse Fortnite again as it did in February, but we have confidence that the updates Respawn is making for Season 2 will bring back a good chunk of the player base. We see a bull case scenario where Season 2 could generate $150 mil in revenue, likely leading to upside to EA's FY guidance."