Ubisoft at more than 10-year lows on guidance cut, game delay
Updates shares, adds analyst comment
** Shares of UbisoftUBIP.PA slump around 17% to their lowest price since December 2013 afterthe French video game maker lowered its net bookings guidance
** "The cut is bigger than we had expected, and comes on the back of softer than expected sales for Star Wars Outlaws," Deutsche Bank says, downgrading the stock to "hold" from "buy"
** Ubisoft also announced postponing the release of "Assassin's Creed Shadows" by three months, a move deemed "incrementally disappointing" by Deutsche Bank analysts
** Combined with disappointing sales for Star Wars and Xdefiant, the impact of this delay is significant, with non-IFRS EBIT now expected to break even (vs just over EUR 400 mln previously), Midcap analyst Charles-Louis Planade says in a research note
** The postponing of AC Shadows shows the importance of this release for the group's future, he adds: "In the future, salvation will come from Assassin's Creed, or it won't come at all"
** Including today's fall, the stock has dropped by 56.75 % YTD
Reporting by Alban Kacher
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