Pearl Abyss shares fell 14% on August 12 after a second-quarter earnings miss triggered a wave of target-price cuts from brokers, led by Nomura Securities, which slashed its target price by 59% to 38,000 won from 92,000 won and downgraded the stock to Neutral from Buy. The South Korean game developer reported second-quarter revenue of 192.6 billion won and operating profit of 67.6 billion won, well below FnGuide consensus forecasts of 275.9 billion won and 140.2 billion won, respectively, even though revenue and operating profit rose 248% and 7,389% from a year earlier. Nomura analyst Angela Hong said earnings visibility had weakened as packaged game sales for Crimson Desert decelerated sharply after launch and management cut guidance. She said first-month sales topped Nomura's estimates by 50% and exceeded 5 million units, but second-quarter sales dropped more than 40% from the previous quarter. Nomura reduced its full-year Crimson Desert sales forecast to 7.8 million units from 9.1 million and cut its 2026-2027 EPS estimates by 15%, applying a target PER (price-to-earnings ratio) of 10 times. Other South Korean brokerages also lowered their targets, while management's reduced annual revenue and operating profit outlook added to the pressure.