What gave Playtika Holding (NASDAQ:PLTK) a boost in Friday afternoon’s trading? Some positive new words from Bank of America, via analyst Omar Dessouky, who upgraded PLTK stock from “underperform” to “neutral.” Dessouky noted that the likely forecast for mobile gaming, in general, was looking up and that in-app purchases—the bread and butter for most any mobile gaming operation—were likely to slip just 1% this year. That may not sound like good news, but given that analysts were previously projecting a much harder drop of around 6%, that’s a much better outlook.
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Recession fears seem a bit overblown, Dessouky also noted, suggesting that the likely recession to come will still come but will be mild and start-up in the first half of next year as opposed to sometime this year. Given that this year is now half over, that’s not too far out of line.
For now, however, analysts are somewhat skeptical. Seven Holds and three Buys come together to make Playtika stock a Moderate Buy. Further, with an average price target of $12.97, Playtika stock comes with 8.08% upside potential.