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Nacon: Berenberg reduces target price

( - On Wednesday Berenberg reduced its target price for Nacon shares from seven to four euros following the severe profit warning issued last month by the video games group.

The warning, the second in as many years, has significantly dented any confidence that investors may have had in the company, the analyst said.

The stock market reaction is therefore merited, the broker adds, which recalls that the group is in the process of accelerating its investment efforts, a momentum that should, it says, bear fruit from FY 2024.

However, Berenberg still sees potential for value creation for investors over the long term and therefore renews its buy rating on the stock, despite the business' "complicated" near-term outlook.

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