On Wednesday, Deutsche Bank made an adjustment to Team17 Group Plc's (TM17:LN) (OTC: TSVNF) financial outlook by reducing its price target to GBP3.00 from the previous GBP3.25. Despite the price target reduction, the firm has maintained its Buy rating on the stock.
Team17, a video game company, provided a trading update in July which indicated that its first-half trading was consistent with expectations. The company also affirmed its commitment to achieving a full-year performance that aligns with the consensus for the year ending in December.
Deutsche Bank has projected a revenue increase of 2% for the fiscal year 2024, totaling approximately £162.9 million, slightly surpassing the consensus estimate of £162 million.
The bank also anticipates an adjusted EBITDA margin of 26%, which is expected to remain steady year-over-year on an underlying basis. This would result in an adjusted EBITDA of £41.5 million, marginally above the consensus forecast of £41.4 million.
The bank's analysts have modeled an even split of revenue and profit throughout fiscal year 2024. This forecast is a shift from the pattern observed in recent years where there was a greater emphasis on the second half of the year for revenue and profit generation.
Team17's commitment to meeting market expectations, along with Deutsche Bank's maintained Buy rating, could be of interest to investors monitoring the company's performance. The new price target reflects a slight adjustment based on the latest financial forecasts provided by the bank.
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