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Ubisoft: Oddo BHF lowers target price

(CercleFinance.com) - While maintaining its 'neutral' opinion on Ubisoft, Oddo BHF has halved its price target to E11.
5, on the basis of its sharply revised earnings forecasts (-64% for adjusted ROC and -90% for EPS, on average over three years).

According to the analyst, the profit warning confirms Ubisoft's difficulties in releasing successful games for several years, with the risk of losing the confidence of its gaming community. The damage seems to run deep and visibility is problematic, he warns.

Despite the fall in the share price (-51% since the start of the year, including -34% over one month - back to 10-year lows), Oddo BHF is staying away from the stock, 'especially as its balance sheet is starting to become tense.


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