(News Bulletin 247) – Deutsche Bank raised its price target on Ubisoft on Friday, raising it from 35 to 40 euros, while maintaining its buy recommendation on the stock.
In a research note, the analyst recalls that the video game group reported last night net sales excluding certain deferred revenue (‘net bookings’) of 268 million for the first quarter of its staggered fiscal year.
This figure, he points out, is 12% higher than the target set by the group (240 million euros) and 4% higher than the average consensus estimate.
‘It shows a drop of 8% at constant exchange rates and represents one of the worst quarters in the group’s history’, he argues.
‘That said, this element was widely expected due to the absence of launches of leading titles during the quarter’, recalls the professional.
According to DB, the main thing is that Ubisoft has confirmed its financial objectives for the 2023/2024 financial year, starting with that of “strong growth” in activity: where the consensus forecasts 23%, the analyst indicates for his part that he predicts an increase of 26%.
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