Jefferies upgraded Team17 (TSVNF) to Buy from Hold with a price target of 360 GBp, up from 230 GBp. The firm cites the catalyst of new management; a return to the low investment game development model; encouraging recent trading; potential upside from a focus on higher ROI first-party IP; net cash and the prospect of accretive M&A; and ongoing resilience of the back catalogue.
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