Truist analyst Barry Jonas lowered the firm’s price target on Neogames (NGMS) to $20 from $25 but keeps a Buy rating on the shares as part of a broader research note previewing the 2023 US Gaming Sector Outlook. Gaming has proven its resiliency and 2023 is not expected to be much different, the analyst tells investors in a research note, stating that fundamentals will slow down only slightly and the improving Digital and the Vegas calendar could even drive some consolidated EBITDA growth. Jonas also adds that Neogames has some "manageable" headwinds to face in 2023 around Aspire’s core business, including a slow shift in regulations in the Netherlands and Germany, exposure in the UK with a still pending White Paper, and challenges at its top-five customer EBET (EBET).
Published first on TheFly
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