On Wednesday, Berenberg lowered its price target for Ubisoft from €42 to €23, believing that the video game group's outlook could be further revised downwards.

The research firm, which is maintaining its 'hold' recommendation on the stock, points out that last month the French publisher issued one of the most severe profit warnings in its history.

While he believes that the company's strategic reorientation could bear fruit in the next few years, the analyst is cautious about the company's business for the time being.

'At this stage, we believe that its forecasts remain at risk, with many risks hanging over the consensus forecasts for fiscal 2024-2025', concludes Berenberg.

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