DA Davidson analyst Franco Granda downgraded Playtika (PLTK) to Neutral from Buy with a price target of $11, down from $15. The analyst is citing the company’s recent market share losses in core Casino market to to SciPlay (SCPL), Moon Active, and AppLovin (APP) – even as the latter is deemphasizing growth on its mobile gaming operations. The firm is also negatives on Playtika’s proposed Rovio acquisition as its reputation in Finland "does not bode well for Rovio employees’ morale".
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on PLTK:
- Playtika Proposes to Buy Angry Birds Maker Rovio for $810 Million
- Playtika raises bid to buy Rovio Entertainment to EUR 9.05 per share
- Playtika price target lowered to $10 from $12 at Citi
- Playtika Stock Recovers after B of A Securities Hikes Rating
- BofA upgrades Playtika to Neutral, sees valuation de-risked