While maintaining an 'outperform' rating on Focus Entertainment, given that the disappointment over 2023-24 and the risks associated with a capital increase (AK) already seem to be reflected in the share price, Oddo BHF has lowered its target price from 37 to 27 euros.

The analyst points out that "the failure of Atlas Fallen is penalizing the company's full-year results more than expected", adding that "2024/25 offers interesting prospects in terms of the line-up of 'major' games, which seems more secure than for 2023/24".

Nevertheless, in the short term, the market should remain cautious with regard to the Group's cash situation: should Banishers fall short of expectations or fail, the credit lines negotiated would not be sufficient and Focus would be forced to take an AK', he warns.

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