Strong Performance and Promising Outlook Justify Buy Rating for Games Workshop

Andrew Wade, an analyst from Jefferies, maintained the Buy rating on Games Workshop (GAW – Research Report). The associated price target remains the same with p11,850.00.

Andrew Wade has given his Buy rating due to a combination of factors that highlight the strong performance and promising outlook for Games Workshop. The company has reported better-than-expected trading results for January and February, indicating that the full-year profit before tax for FY25 is likely to exceed initial forecasts. This positive update comes shortly after impressive interim results, suggesting that the market may have underestimated the company’s potential.
Moreover, the continued robust performance in the core business, following a significant first-half result driven by the success of ‘Space Marine 2’, underscores the company’s ability to maintain growth even against challenging comparisons. Despite the stock’s substantial increase over the past year, the strong trading results and potential for further upgrades justify maintaining a premium valuation, supporting the Buy recommendation.