Ubisoft Entertainment shares slump on double-downgrade to sell by UBS
Ubisoft Entertainment shares slumped, making it the second-worst performer in the Stoxx Europe 600, following a double downgrade to sell from buy at UBS, which slashed its price target to EUR20 from EUR55. "FY24 guidance will require Ubisoft to successfully deliver the biggest front book revenue performance in its history despite expecting back catalogue to decline post a poor FY23 release slate and a soft consumer backdrop," said the broker. Next-year's lineup includes Assassins Creed Mirage, which UBS estimates will have sales of 10 million units, Avatar: Frontiers of Pandora, which UBS sees 6 million sales, and a yet to be announced game which Ubisoft expects to be bigger than The Crew Motorfest. Ubisoft shares fell 4% to EUR23.55.
-Steve Goldstein
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05-19-23 0512ET
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