UBS reiterates its sell recommendation on the stock, with an unchanged target price of E20. The analyst expects risks for Q2 2024 and for the full year 2024.

' Ubisoft will publish its results on July 20. While Q1 net bookings should be in line with forecasts, we see a risk for Q2 net bookings and forecasts for fiscal year 2024.

Recall that the group expects Q1 2023-24 net bookings in the region of 240 ME. For fiscal year 2023-24, the Group has confirmed its financial objectives of strong growth in net bookings and its non-IFRS operating income target of around 400 ME.

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