(CercleFinance.com) – Ubisoft gains more than 14% in Paris, the day after the announcement of its results. In this context, Deutsche Bank announced that it was raising its price target on the stock, from 35 to 38 euros, while reiterating its purchase recommendation on the stock.
Despite fears surrounding a possible downward revision of the group’s objectives, the video game publisher confirmed its forecasts for the 2023-2024 financial year last night, still forecasting ‘strong growth’ in its net bookings (‘ net bookings’) accompanied by an annual operating profit of around 400 million euros, argues the analyst.
Reassuring forecasts which follow, according to him, solid results for the third quarter, during which net reservations exceeded, at 626 million euros, the objective of 610 million that the company had set for itself, in despite the rather disappointing performance of the title ‘Avatar: Frontiers of Pandora’.
While the stock has fallen nearly 30% over the past four months due to growing short-seller interest in a possible warning, these better-than-expected results should help restore market confidence, concludes the design office, especially in view of the impressive release schedule which is looming for the 2024/2025 financial year.
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