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(Sharecast News) - Analysts at Berenberg lifted their target price on video games developer Everplay from 370p to 495p, saying a strongerthanexpected franchise performance had prompted upgrades across its forecasts.
Berenberg kept its 'buy' rating on the stock and raised its FY26-28 adjusted underlying earnings estimates by 8to 11%, driven by exceptional sales of Wardogs and a strong start for Hell Let Loose: Vietnam.
Despite a sharp rerating in the past week, Berenberg said the shares still looked undemanding given the potential scale of the Wardogs franchise and improved returns on development spend.
Berenberg upgraded its FY26 revenue forecast to £200m and EBITDA to £56.7m, lifting earnings per share expectations by 15%. It also highlighted Everplay's lower guidance for capitalised development spend, which it said should ease investor concerns after recent increases.
The German bank noted that firsthalf results reflected a heavily secondhalfweighted release schedule, with revenue down 8% and EBITDA falling 52%, but said restructuring at Astragon and a refocus on core IP should support a stronger H2.
Reporting by Iain Gilbert at Sharecast.com
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