Carnegie views game development company Beyond Frames' transition positively but points to increased risk in the revenue forecasts. This is stated in a new commissioned research report.Fair value is indicated at SEK 17–24 per share, unchanged from the update on February 20.The company plans a restructuring that is expected to reduce the cost base by SEK 23–27 million per year, equivalent to 44 percent of the analyst's forecast for 2026.The savings will take effect from June and do not affect the launch of TMNT.Lower costs can provide upside to cash flow, but uncertainty is increasing around revenue in 2027–2028 outside Teenage Mutant Ninja Turtles, TMNT, as several early-stage projects are being halted and the focus is shifting to PC games and smart glasses, it says.