Stifel lowered the firm’s price target on Light & Wonder to $100 from $108 and keeps a Hold rating on the shares after a district court granted Aristocrat a preliminary injunction restricting L&W from further sales and leasing of the “highly successful” Dragon Train franchise until a final ruling. Prior to the injunction, the firm believes consensus called for an outcome favoring L&W, though the legal documents reveal several notable court findings which shift probability incrementally in Aristocrat’s favor, the analyst tells investors.
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