PlayAGS price target lowered to $8 from $12 at Truist

Truist analyst Barry Jonas lowered the firm’s price target on PlayAGS to $8 from $12 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 gaming fundamentals will slow down only slightly and the improving Digital and the Vegas calendar could even drive some consolidated EBITDA growth. Jonas adds that PlayAGS continues to trade at a "surprisingly low EBITDA multiple" – one that is too low for a company that should see low double-digit EBITDA growth in the coming years.