Games Workshop tumbles as Jefferies cuts price target, estimates

Shares of miniature wargames manufacturer Games Workshop tumbled on Friday after Jefferies cut its estimates and price target to reflect freight and forex challenges.

The bank cut its FY22 revenue estimate by 2% to £380m and its pre-tax profit estimate by 4% to £157m.

Jefferies said it was keeping an eye on signs of discontent in the Warhammer fan base, although it is "not overly concerned at this stage".

The bank, which rates the stock at ‘buy’, cut its price target to 12,250p from 13,200p.

At 1335 BST, the shares were down 7% at 9,715p.