Invest Securities maintains its Buy rating on Nacon shares, with its target price raised from 3.4 to 3.8 euros.

The analyst believes that results for the 1st half of 23/24, excluding exceptional items, are in line with expectations and 'reflect weak editorial activity and the commercial failure of Gollum'.

Invest Securities believes that the 2nd half of the year should be "much more pleasing", buoyed by Robocop (the biggest commercial success in Nacon's history), but also by a confirmed line-up of titles (Gangs of Sherwood, Cricket 24, Asterix & Obelix).

While Test Drive's contribution will be marginal, as we expected for 2023/24, this game, which represents the largest development budget, will contribute to sales in 2024/25, along with other promising games such as Hell is Us and GreedFall 2', concludes the broker.


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