On Friday, Deutsche Bank raised its price target for Ubisoft from 35 to 40 euros, while maintaining its buy recommendation on the stock.

In a research note, the analyst points out that last night, the video game group reported net sales excluding certain deferred income ('net bookings') of 268 million for the first quarter of its offbeat fiscal year.

This figure, he points out, is 12% higher than the target set by the group (240 million euros) and 4% higher than the average consensus estimate.

It shows a decline of 8% at constant exchange rates, and represents one of the worst quarters in the Group's history", he points out.

"That said, this item was widely expected due to the absence of high-profile title launches during the quarter", recalls the professional.

According to DB, the most important thing is that Ubisoft has confirmed its financial targets for fiscal 2023/2024, starting with "strong growth" in sales: where the consensus forecasts 23%, the analyst predicts an increase of 26%.

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