Oddo BHF maintains its 'neutral' rating on Ubisoft shares, with an unchanged target price of 27 euros.

The analyst looks back in particular on the surprise created by Ubisoft last week with the announcement of a major agreement with Microsoft. The group is buying Activision's perpetual rights to distribute its current catalog of games in the cloud, as well as future games launched over the next 15 years.

The French company's content offering will thus be significantly enhanced (Activision posted sales of $8.5 billion last year, compared with $1.7 billion for Ubisoft), notably with the huge Call of Duty franchise", says Oddo BHF.

Although the financial details of the agreement have not been disclosed, Oddo BHF believes that it could be a real 'game changer' if streaming succeeds in the industry.

The broker is nevertheless cautious, pending validation of the agreement and better visibility on the development of this market segment.

In the meantime, Oddo BHF believes that "the share price performance over the coming months will depend above all on demand for the games launched by Ubisoft".

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