Playstudios initiated with a Neutral at BTIG

BTIG initiated coverage of Playstudios with a Neutral rating and no price target. The analyst sees a number of potential near- and medium-term catalysts for growth and “substantial runway” for margin improvement. However, lateral reads on the mobile gaming industry have been “mixed to negative lately,” says the firm. It needs to see more proof points of Playstudios’ execution before underwriting the benefits from its initiatives.