Millennium cuts target for 11 bit studios stock to PLN 145.50

Published on 10/13/2026 at 00:30 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Millennium kept its accumulate rating on September 16, 2026. 11 bit studios stock last cost PLN 121.80 on October 12, 2026, above PLN 116.50.

Key points in brief

BM Millennium cut its 11 bit studios target from PLN 167.00 to PLN 145.50 on September 16, 2026, while retaining an accumulate rating.
The analyst report linked weaker second-quarter revenue and profit with higher costs and a transition period through 2027.
11 bit studios opened preorders for Frostpunk on Nintendo Switch on October 7, 2026, ahead of the October 19 launch.
The last GPW quote was PLN 121.80 on October 12, 2026, with a PLN 294.4 million market capitalization and a PLN 116.50 to PLN 198.00 52-week range.

11 bit studios, PL11BTS00015, Illustration mit AI erstellt.

BM Millennium cut its target for 11 bit studios stock from PLN 167.00 to PLN 145.50 on September 16, 2026, while retaining an accumulate rating. The move followed weaker second-quarter results and puts the research focus on the studio's long release pipeline.

Target cut follows weaker quarter

According to Bankier, the report kept the accumulate recommendation while reducing the target from PLN 167.00 to PLN 145.50. The report was first distributed on September 16, 2026, and cited lower earnings forecasts and earlier cost underestimation.

In the second quarter of 2026, revenue fell 36.40 percent year over year to PLN 25.30 million, while operating profit dropped 94.40 percent to PLN 1.20 million and net income declined 88.00 percent to PLN 1.80 million, according to Comparic. The same report said operating costs rose 31.10 percent year over year, including PLN 8.60 million of depreciation and amortization.

Three dates frame the transition

On August 26, 2026, 11 bit studios reported second-quarter results, with revenue of PLN 25.30 million and net income of PLN 1.80 million, as recorded by btlines. On September 16, 2026, BM Millennium published the target reduction. On October 7, 2026, 11 bit studios opened preorders for Frostpunk on Nintendo Switch through a company statement carried by BIZNES24.

What does the next release change?

The Frostpunk Nintendo Switch launch is scheduled for October 19, 2026, giving the company a near-term commercial milestone while its next major proprietary title remains further out. The preorder offer includes a 30.00 percent launch discount for the standard edition and a 35.00 percent discount for the Complete Edition, according to BIZNES24's October 7, 2026 report.

BM Millennium's assessment points to 2026 and 2027 as transition years before Frostpunk 1886, which the report places in early 2028. That timing makes the PLN 145.50 target a valuation of the pipeline as much as a judgment on current sales.

Stock stays above yearly low

The last quote was PLN 121.80 on GPW on October 12, 2026, at 4:59 p.m. CEST. The stock stood above its PLN 116.50 52-week low and below its PLN 198.00 52-week high, while market capitalization was PLN 294.4 million.

The further course of trading is shown by the continuously updated real-time quote of 11 bit studios stock.