Millennium cuts 11 bit studios stock target to PLN 145.50

Published on 10/02/2026 at 16:39 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half revenue fell to PLN 45.00 million, down 21.00 percent. 11 bit studios stock costs EUR 27.41 after EUR 27.22, plus 0.70 percent.

11 bit studios, PL11BTS00015, Illustration mit AI erstellt.

11 bit studios (ISIN PL11BTS00015) was trading at EUR 27.41 at Lang & Schwarz on October 2, 2026 at 4:32 p.m. CEST, while BM Millennium cut its price target from PLN 167.00 to PLN 145.50 on September 16, 2026. According to Bankier.pl, the brokerage kept its accumulate recommendation.

Target cut reflects weaker forecasts

BM Millennium linked the lower target to reduced financial forecasts and earlier underestimation of costs. The report also described the balance sheet as secure, with PLN 84.60 million in net cash at the end of the second quarter of 2026, according to Bankier.pl.

The valuation change matters because the latest operating picture is moving in the opposite direction from the strong 2025 base. The report put the target at PLN 145.50 after the stock price used for the recommendation stood at PLN 129.10 on September 16, 2026.

Revenue falls in first half

11 bit studios recorded PLN 45.00 million of revenue in the first half of 2026, a 21.00 percent year-over-year decline, while the operating result reached minus PLN 4.30 million and net profit reached minus PLN 1.00 million, according to Parqet.

The second quarter was weaker still. Revenue fell 36.40 percent year over year to PLN 25.30 million, operating profit dropped 94.40 percent to PLN 1.20 million and net profit declined 88.00 percent to PLN 1.80 million, as reported by Comparic.pl.

Stock remains below yearly high

The euro quote was up 0.70 percent versus the Lang & Schwarz prior close of EUR 27.22 on October 1, 2026. At EUR 27.41, the stock stood 42.23 percent below its 52-week high of EUR 47.45 and 4.54 percent above its 52-week low of EUR 26.22, both shown for October 2, 2026.