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Codemasters Share Price Soars On a Release of New F1 Game

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Updated: 10 July 2020

Codemasters Group Holdings PLC (LON: CDM) has seen its shares rally over 3% today after the game-maker released a much-anticipated F1 2020 video game. 

The video game is available for PlayStation 4, Xbox One, PC and Google Stadia. The F1-simulation game has a score of 91% for Xbox One on the popular website Metacritic.

“We have been overwhelmed with the response from both the media and our players. My Team has been 10 years in the making, and it's been worth the wait. With the revised F1 2020 season starting last weekend, the stars have aligned, and both the sport and videogame are back in the spotlight where they belong,” said Codemasters chief executive Frank Sagnier.

Following the release, Liberum analysts reiterated a “buy” rating on Codemasters stock with a set price target at 390p. This target represents an 18.9% premium compared to yesterday's closing price. 

“Overall we forecast £40mln of revenues to be derived from the F1 franchise in [the 2021 financial year], contributing to an increasingly busy pipeline of releases in the year,” Liberum said in a note.

Codemasters share price soars on a release of the new F1 2020 video game

Codemasters share price is trading around 3% in the green today. Last month, shares of Codemasters hit an all-time high at 358p.