Wedbush maintains its Outperform recommendation on Ubisoft shares and lowers its target price from E32 to E29.

Ubisoft has suffered "from a difficult environment for the games industry this year and multiple game delays", notes the analyst, following results "below expectations".

But in Wedbush's view, 'investors should remain optimistic for FY24, as the company has planned a significant schedule of new quality releases'.

'We are maintaining our FY:24 estimates for bookings of 2,100 million euros and operating income of 400 million euros. For FY:2025, we are adjusting our bookings estimate to 2,200 million euros from 2,400 million euros, and maintaining our operating profit estimate at 450 million euros', concludes the analyst.

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