Bank of America has lowered its target price for Ubisoft.

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

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.


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