Benchmark downgraded Ubisoft to Hold from Buy with no price target due to ongoing execution issues, as well as the recent underperformance of “Star Wars Outlaws” along with the delay of “Assassin’s Creed Shadows.” The delay of “Assassin’s Creed,” Ubisoft’s top franchise, is “particularly concerning,” as it raises doubts about the game’s direction, while these challenges taken together suggest “deeper systemic problems within the company” that are now impacting its top franchises and licensed intellectual properties, the analyst tells investors.

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