1010 GMT - Videogame publisher and developer tinyBuild's preclose 2022 update was positive as it reported a strong 2H, a record 4Q sales period, and a focused own-IP strategy, Shore Capital analyst Katie Cousins says in a note. It expects adjusted earnings before interest, taxes, depreciation and amortization to be broadly in line with expectations--with Shore's forecast of $26.0 million being fairly consistent with consensus--but ended the period with a cash position of more than $25 million, below Shore's expectations of around $50 million. Furthermore, it has supported staff through the war in Ukraine in eastern Europe and implemented greater working conditions, resulting in a one-off cost of $2 million in the year, Cousins says. "Early indicators suggest positive consumer traction across TBLD's titles," she says. Shore rates the stock buy. (anthony.orunagoriainoff@dowjones.com)

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AB Foods' Expected Performance Recovery Prompts Upgrade

1004 GMT - AB Foods is expected to recover from challenges faced in 2022 as headwinds such as energy prices and foreign exchange rates are reversing, Deutsche Bank analyst Adam Cochrane says in a note. "The guidance for FY 2023 was given at a relative low point for GBP strength and energy headwinds have reduced significantly since this stage," Cochrane says. AB Foods' Primark is likely to improve its margins, benefiting from both trading down and new space growth, he says. The group also has extra support from its robust balance sheet and ongoing share buyback, he says. Deutsche Bank upgrades its rating on the stock to buy from hold. (michael.susin@wsj.com)

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Sterling Could Rise Vs Euro Later in 2023

0952 GMT - Sterling may fall slightly versus the euro in the near term as the European Central Bank takes a more restrictive policy stance than the Bank of England but gains are likely later this year, UBS Global Wealth Management says. "The ECB's optimistic medium-term growth outlook is looking increasingly undeliverable, which may force them to reduce their hawkish tone, while a more supportive environment for risk assets should support the pound," UBS analysts say in a note. UBS expects EUR/GBP to rise to 0.88 in the first quarter of 2023 before falling to 0.85 by the fourth quarter. EUR/GBP is last up 0.2% at 0.8783. (renae.dyer@wsj.com)


Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

01-23-23 0627ET