Capcom's Q1 FY 2024 operating income fell 46% YoY missing consensus estimates, and analysts have lowered full-year operating profit projections. Capcom faces significant mid-to-long-term challenges, including traditional video games ceding share to social or casual games and difficulties in selling its PC games in emerging markets. I have a negative opinion of CCOEY's outlook in the near term and long run, and this has prompted a downgrade to a Sell rating.