Deutsche Bank announced on Friday that it had lowered its price target for Ubisoft from €38 to €35 ahead of the release of full-year results for 2023/2024, scheduled for May 15.

In a research note, the analyst forecast net bookings of €752 million for the 4th quarter ended March, up 140% year-on-year but 4% below consensus.

In terms of full-year results, the intermediary expects adjusted Ebit (non-IFRS) of 390 million euros, above the market consensus of 350 million euros but in line with the company's target of 400 million euros.

Deutsche Bank, which is maintaining its buy recommendation on the stock, believes that the risk of disappointing performance now seems to be well priced in, given the 15% fall in the share price since the publication of the 3rd quarter results.

Despite this, the professional believes that figures close to targets would be worthy of triggering a stock market revaluation after years of mediocre performance and profit warnings.

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