JPMorgan analyst Don Carducci initiated coverage of Light & Wonder with an Overweight rating and $98 price target. The analyst notes that the improvement in the company’s free cash flow generation is a key pillar to justifying the stock’s valuation uplift. The firm further states that following large divestments, the balance sheet of Light & Wonder has de- geared from over 6.0-times net debt to expected EBITDA to under 3.0-times.
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