Invest Securities reiterates its 'buy' opinion on Nacon, with a price target adjusted from 3.5 to 3.8 euros, despite the lowering of its 2023-24 estimates, pointing to a 'value aspect and speculative interest that should not be totally overshadowed'.

Investments (organic and acquisitions) made since the IPO have enabled us to increase game development, but commercial results are far from being up to scratch, which is weighing on 2022-23 results", the analyst acknowledges.

In his opinion, the return of momentum on the stock and a rebound in earnings will depend on the critical and commercial success of the Robocop and Gangs of Sherwood games, on which Nacon's management is now placing its expectations and hoping for an upturn in 2023-24.

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