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Ubisoft: UBS still a buyer, but cuts TP

( - UBS reinstates its "buy" rating on Ubisoft shares, although has reduced its target price for them from 75 euros to 67.
5 euros, with this new target price that still leaves the stock with upside potential of 55%, the day after the video game publisher's trading update.

"Q222 beat but FY22 guidance cut with games delayed to FY23," the broker says in its comments.

UBS is reducing its EPS expectations for Ubisoft, and believes that while value exists, "catalysts are needed". " FY23 guidance won't be visible until May-22," it also warned.

Ubisoft shares have been big winners today - they are currently up 4.5% in mid-afternoon trading in Paris.

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