Playtika downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Matthew Cost downgraded Playtika to Equal Weight from Overweight with a price target of $12, down from $20. While he calls Playtika a "best-in-class pure play mobile publisher," he believes it is likely to face significant headwinds in 2023 as consumers come under greater pressure. He also expects the ongoing strategic review to remain a significant overhang on the multiple the market will pay until it is resolved, Cost tells investors.