July 18, 2018 / 7:08 AM / a year ago

Ubisoft shares hit record high on strong Q1 sales

PARIS, July 18 (Reuters) - Ubisoft shares rose to record highs on Wednesday after the video games company reported strong first-quarter sales figures and kept its full-year targets.

Ubisoft, whose computer games include “Assassin’s Creed”, said late on Tuesday that its first-quarter sales had beaten its own targets.

Shares in the company rose as much as 7.6 percent to a record intraday high of 107.15 euros at the start of trading, before edging back to 105.50 euros at 0702 GMT, up 6 percent.

Barclays analysts raised their Ubisoft price target to 105 euros from 102, maintaining an “overweight” rating on the stock.

“We believe that Ubisoft can deliver higher earnings growth than peers, given significant headroom to improve operating margins and likely strong execution,” they said.

Ubisoft shares are up by around 64 percent so far in 2018. (Reporting by Sudip Kar-Gupta; Editing by Laurence Frost)

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