Jefferies has raised its recommendation on Ubisoft directly from 'underperform' to 'buy', with a price target raised from 21.5 to 29 euros, a new target with almost 50% upside potential for the video game publisher's stock.

A combination of a strong 2025 pipeline based on proven intellectual property, a real shift in monetization focus towards recurring revenues, FCF inflection and low valuation will trigger an upgrade," he believes.

Jefferies sees Ubisoft trading on an EFC yield of 5%F, and in a world that urgently needs content, thinks this is too low. It also sees multiple catalysts ahead to trigger an inflection in the share price.

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