Ubisoft's share price fell sharply on Thursday on the Paris Bourse, as the video game group's stock was penalized by a note from Bank of America, which lowered its target for the company's stock.

The intermediary believes that, despite an improving games pipeline, the company's targets for fiscal 2023/2024 - double-digit sales growth and a significant improvement in operating income - are still too ambitious.

The analyst points out that consumer pressures are bound to weigh on video game sales, and recalls that the management team has an unflattering track record in achieving its objectives.

BofA therefore reiterates its 'underperform' opinion on Ubisoft, making it one of its least favorite stocks within the Internet and media sector, with a price target reduced from 31 to 20 euros.

At around 4:00 pm, Ubisoft was down 2.3%, making it one of the biggest decliners on the SBF 120 index.

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