Sterling Could Turn Lower Vs Dollar After Recent -2-

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1010 GMT – Video game publisher and developer tinyBuild’s preclose 2022 update was positive as it reported a strong 2H, a record 4Q sales period, and a focused strategy around proprietary IP, says the -Shore Capital analyst Katie Cousins ​​​​in a note. It expects adjusted earnings before interest, taxes, depreciation and amortization to be broadly in line with expectations – with Shore’s forecast of $26.0 million being fairly consistent with consensus – but ended the -a period with a cash position of more than $25 million, below the Shoreline. expectations of around $50 million. In addition, it supported personnel during the war in Ukraine in Eastern Europe and implemented greater working conditions, resulting in a one-time cost of $2 million a year, Cousins ​​says. “Early indicators suggest positive consumer traction in TBLD’s securities,” she says. Shore rates the stock buy. (anthony.orunagoriainoff@dowjones.com)

AB Foods Expected Performance Recovery Prompts Update

1004 GMT – AB Foods is expected to recover from the challenges it faced in 2022 as headwinds such as energy prices and exchange rates are reversing, Deutsche Bank analyst Adam Cochrane says in a note. “The guidance for FY 2023 was given at a relatively low point for GBP strength and energy headwinds have diminished significantly since this stage,” says Cochrane. He says AB Foods’ Primark is likely to improve its margins, benefiting from both downstream trade and new space growth. The group also has extra support from its robust balance sheet and ongoing share buybacks, he says. Deutsche Bank upgrades its rating on the stock to buy from hold. (michael.susin@wsj.com)

Sterling May Rise Vs Euro Later In 2023

0952 GMT – Sterling may fall slightly against the euro in the near term as the European Central Bank takes a more restrictive policy stance than the Bank of England but gains are likely later this year, says UBS Global Wealth Management. “The ECB’s optimistic medium-term growth outlook is increasingly looking unachievable, which may force them to tone down their hawkish tone, while a more supportive environment for risk assets should support the -lira,” UBS analysts say in a note. UBS expects EUR/GBP to rise to 0.88 in the first quarter of 2023 before falling to 0.85 by the fourth quarter. EUR/GBP was last up 0.2% at 0.8783. (renae.dyer@wsj.com)

Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

01-23-23 0627ET

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