HSBC analyst Ali Naqvi downgraded Ubisoft to Hold from Buy with a price target of EUR 21, down from EUR 48, after the company lowered sales and earnings expectations and reported impairments due to weak seasonal trading. Ubisoft also canceled another three games and announced delays to upcoming titles, noted Naqvi, who thinks expectations are being reset but that there are still execution risks.
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- Video game sales fell 13% y/y in Europe in December, GI.biz says
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