Oddo BHF has downgraded its opinion on Bigben from 'outperform' to 'neutral', with its price target maintained at four euros, reflecting a 15% upside potential which it believes is 'too limited to remain positive given the stock's liquidity'.

In view of Bigben's recent stock market performance (+46% over one month), it seems more attractive to us to play the gaming rebound in the second half of the year through Nacon, while catalysts remain limited in the short term for the audio/telco business", he believes.

After lower first-half results, but close to its expectations, the research department confirms its annual forecasts, including sales of €308 million (+9%) for EBIT of €28.1 million, representing a margin of 9.1% (+210 bp).

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