Electronic Arts was once considered the biggest videogame publisher in the world. Many saw it as a soulless entity focused on squeezing money out of sequels and as opposed to innovation. Now, the above description could be more suited to the new behemoth in town, Activision Blizzard, and Electronic Arts could even be taken over in the near future.

The rather shocking assumption comes via a report prepared by analysis firm Cowen Research. The document is pretty critical and points to the fact that Electronic Arts had rather disappointing financial results in the last quarters and that its shares’ price took a tumble as a consequence.

The report says that “We believe that following serial earnings disappointments, Electronic Arts now deserves a lower valuation premium than the company has historically enjoyed. Since management first laid out its initial full year 2010 guidance and full year 2011 long-term guidance in February 2008, the company has failed to deliver on its earnings targets and has been forced to repeatedly revise down its guidance. Given this historical record, we do not think investors should place too much faith in management's current guidance.”

The report even makes some predictions regarding the sales numbers for upcoming Electronic Arts releases, with the following projections attached: The Sims 3 - 1.5 million, Army of Two: The 40th Day - 1.3 million, Battlefield: Bad Company 2 - 1.1 million, Mass Effect 2 - 1.1 million, Dragon Age: Origins - 2.1 million, Dante's Inferno - 0.8 million, The Saboteur - 0.63 million and Brutal Legend - 0.4 million.

Far from having room to grow, as it did last year when attempting to take over Take Two, Electronic Arts seems like a tempting target for a buyout from a big media company that aims to bolster its videogaming credentials. The report mentions Disney and Time Warner as being potential suitors.