While maintaining its 'outperform' rating on Ubisoft, Wedbush has lowered its 12-month price target from 52 to 32 euros, in the wake of the video game publisher's earnings warning for the current fiscal year.

"With this pre-announcement, it looks like the turnaround will last another two years", believes the broker, who in its wake reduces its own expectations for net bookings and operating profit for fiscal years 2023 to 2025.

A downgrade would have been appropriate a year ago, but there is sufficient upside potential relative to our target to maintain our Outperform rating," moderates Wedbush, for whom the stock thus remains "cheap".

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