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Author: Alan LittleDate: 2021-01-19

Codemasters (CDM) +0.33% despite Citi rating downgrade

British video game developer Codemasters Group Holdings (CDM) closed 0.33% higher on Monday, even though Citigroup downgraded its rating for the company to neutral.

Codemasters is set to be acquired by prolific video gamer producer Electronic Arts (EA) in a deal worth £954m, but industry experts were expecting other companies to come in with a counter offer.

New bids have not emerged and Citigroup believes that any further interest from other third parties is now “looking unlikely”.

Take-Two Interactive Software (TTWO), owner of the Grand Theft Auto franchise, did try to gatecrash EA’s acquisition with a £735m offer, but this has now lapsed.

Analysts believe that the lack of further interest could impact Codemasters’ stock moving forward, and Citigroup decided to pivot from a buy rating to neutral on Monday.

“As a result, we see limited upside from the current offer price and rate Codemasters Neutral,” Citi noted.

Citi also offered a new 604 GBX share price for Codemasters.

Despite the downgrade, CDM shares ticked higher when the London Stock Exchange opened on Monday.

Codemasters eventually closed 0.33% up at 602 GBX.

Dixons Carphone (DC) jumped 4.77% to 125.10 GBX at the start of the new week after RBC upgraded the electrical and telecoms retailer to an outperform rating.

Analysts at the Canadian bank believe that Dixons Carphone’s recent success in Scandinavian markets has largely gone unnoticed by investors in London.

However, RBC said that DC is exploring the possibility of a minority listing for its Nordics business in 2021 in a move that would “shine a light on its strong position and recent performance”.

US stock markets were closed on Monday for the annual Martin Luther King Jr. holiday.





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