CD Projekt initiated with a Neutral at Wedbush

Wedbush initiated coverage of CD Projekt with a Neutral rating and PLN 125 price target. The firm believes CD Projekt is well-positioned to deliver substantial growth in future years within its traditional console/PC gaming vertical from five large projects, coupled with the gradual layering in of multiplayer and microtransactions into its highly immersive experiences. The primary obstacle that the shares face at present is clarity around release timing, Wedbush notes. Among the five projects, only Polaris seems relatively close to launching.