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This stock has doubled—and analysts are still bullish

Behind the bullish call on Electronic Arts
Behind the bullish call on Electronic Arts

Gamemaker Electronic Arts has made a massive comeback since the stock bottomed in 2012, gaining 99 percent in the past year, which makes it the best-performing stock in the S&P 500. And according to some analysts, the rally isn't over.

Piper Jaffray analyst Michael Olson on Thursday increased his price target on EA to $72, leading the stock to gain more than 2 percent and close at $70.50.

The latest catalyst he points to is the company's upcoming release of "Star Wars: Battlefront."

"Gamers are very interested in it. About 20 percent of gamers said it's the game they're most excited about buying this year, which is up from a previous survey," Olson said on CNBC's "Trading Nation."

Electronic Arts

It's a good time in general for the gaming industry, Olson said, with consumers buying consoles more quickly after they are released. And the emergence of digital downloads is helping as well.

"Digital revenue has been able to account for more than half of the company's overall revenue," Olson added. "That should continue to grow going forward."

Olson isn't the only analyst who's looking for more gains. Fifty-eight percent of analysts have bullish ratings on the stock, according to FactSet. Still, the median price target of $69.74 is actually below where EA is trading—which may be a function of just how quickly the stock has surged.

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From technical perspective, Rich Ross of Evercore ISI says investors should hold off on buying the stock until it drops somewhat.

"There's nothing in the short-term technicals to suggest that this trend is ending any time soon," Ross said Thursday. "But I'd like to see a little consolidation and a little pullback to confirm this very strong trend."

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Correction: This version corrects the spelling of analyst Michael Olson's last name.