Polish analysts recommend selling CD Projekt shares. They believe that the company will continue to get cheaper
The unsuccessful release of Cyberpunk 2077 cost the developers dearly. Since December 2020, the value of CD Projekt shares has sunk by 73.8% and it looks like it will continue to decline. DM BOŚ analysts said that there are no reasons why the situation could change yet.
DM BOŚ recalled that CD Projekt recently said that a major plot addition for Cyberpunk 2077 would appear no earlier than 2023. Then she postponed the release of the next-gen version of The Witcher 3. Analysts were also confused by the rejection of the REDengine engine.
Analysts have lowered the valuation of CD Projekt shares to 90 zloty ($20.95) apiece. The last time such a low price tag was in 2017. Now you can buy one share of the company for 115.7 zloty ($26.9).
DM BOŚ also reduced the sales forecast for Cyberpunk 2077. Now analysts expect that CD Projekt will sell 4 million copies of the game in 2022 (-40% of the previously expected) and 3.6 million copies in 2023 (-33% of the previously expected)
