Management had indicated that sales would be down on last year, recalls the analyst in today's study.

The downturn turned out to be more limited than expected (-9% vs. -19% expected), particularly in the Games business (-1% vs. -21% att). Above all, management is reiterating its 2023/24 targets and confirming the games release schedule, in particular for Robocop, which will be the main contributor to 2O23/24 results following the postponement of Test Drive Unlimited', says Invest Securities.

While the stock should bounce back this morning, we believe that the very strong undervaluation will only be erased if one of the new games (Robocop) is a commercial success, putting an end to the series of commercial failures (Gollum, Steelrising, Blood Bowl 3)' adds the analyst firm.

Invest Securities confirms its buy recommendation on the stock, with an unchanged target price of E3.8.

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