CD Projekt slumps on lack of 'clear beat' after strong run into Q1 earnings
Corrects value of YTD share gains to 21.0% from 24.4% in 5th bullet point
** Shares in CD Projekt CDR.WA slump 5.6%, having initially risen 2.7%, after its Q1 earnings lacked a clear beat, with no positive catalysts expected in the near future
** The Polish top game maker reports better-than-expected net profit at PLN 100.1 mln ($25.5 mln), but analysts cast a doubt on the beat's quality
** Erste Group's Piotr Bogusz attributes the beat mostly to the recognition of an above-average low income tax
** Bogusz does not exclude profit taking as reason for the price drop, "given the lack of a clear beat", and points to CD Projekt shares' strong run
** By Tuesday's close, the shares gained 21.0% YTD, reaching their highest level since late September, when it released a Cyberpunk 2077 expansion
** Morgan Stanley cites "sizeable execution risk" to management's long-term plans, and downgrade the stock to "underweight"
** MS sees risks around timing of CD Projekt's next releases, citing early stage of Witcher 4 game development with potential release date in 2026 and "no obvious catalysts in between"
($1 = 3.9218 zlotys)
Reporting by Mateusz Rabiega and Anna Maria Nowak
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