Team17 re-initiated with a Buy at Berenberg

Berenberg re-initiated coverage of Team17 with a Buy rating and 650 GBp price target. The video game sector has had a “conflicting year,” as there have been record sales from large “AAA” titles releases while more than 7,800 people have been laid off, the analyst tells investors in a research note. The firm says this is the hangover after some exceptional years during the COVID-19 pandemic.