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Ubisoft: Oddo reduces target price

(CercleFinance.com) - Oddo BHF reinstates its "outperform" rating on Ubisoft shares, having reduced its target price for them from 65 euros to 57 euros, following a publication that forces it to shift its adjusted operating profit forecasts by one year, with an impact of around 20% on its EPS estimates.


The broker has noted that its FY 2021-22 results, unveiled on Wednesday evening, included adjusted operating profit that is below expectations and a promise of a return to strong sales growth in 2022-23 but without leverage on profits.

Analysts say that the group still faces many challenges and the multiple M&A deals in the sector further raise the question of the value of remaining independent, pointing to the end of the ban on share purchases by Vivendi and Tencent next April.

After dipping in early trading today, reaching a low of 39 euros at one point, the share has picked up slightly since and it now trading down about 0.4% at almost 41.5 euros.


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