UBS downgrades its recommendation on Ubisoft directly from 'buy' to 'sell', with a price target drastically reduced from 55 to 20 euros, a new target that implies a potential downside of 19% for the French video game publisher's stock.

"Although Ubisoft has reiterated its non-IFRS EBIT (operating profit) guidance for fiscal 2023-24, we believe that significant risks exist based on past execution", the broker argues in the summary of its research note.

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