November 8, 2017 / 8:19 AM / a year ago

Ubisoft shares hit record high after company beats Q2 sales target

PARIS, Nov 8 (Reuters) - Shares in French video games maker Ubisoft, in which media group Vivendi has a stake, rose to a record high on Wednesday after the company’s second-quarter sales beat its targets.

Ubisoft shares were up 6 percent at 69.09 euros in early session trading, hitting record highs. The stock has surged by more than 100 percent since the start of 2017.

Ubisoft reported on Tuesday that its second-quarter sales had risen 85.8 percent to 264.2 million euros ($306 million).

“We view Ubisoft’s top line as being geared to the ongoing strong trends in global gaming spend,” said analysts at Northern Trust Capital Markets, keeping a “buy” rating on the stock. (Reporting by Sudip Kar-Gupta; Editing by Sarah White)

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