Playstudios initiated with a Buy at Stifel

Stifel analyst David Pang initiated coverage of Playstudios with a Buy rating and $6.00 price target. The analyst contends that the mobile gaming market has bottomed as the tough COVID comps are now in the past, the industry is adapting to privacy changes, and the market shift from growth mode to profitability has largely been completed. 2023 should be a transition year for PLAYSTUDIOS involving a number of initiatives that establishes a favorable set up for the company for 2024 and beyond, the firm tells investors in a research note.