Playtika downgraded to Hold on lower revenue growth at HSBC

HSBC late Friday downgraded Playtika to Hold from Buy with a price target of $8, down from $14.90. The company’s outlook for the Q4 results is “muted” following a disappointing year as competitors make inroads, the analyst tells investors in a research note. The firm sees Playtika’s recent underperformance “casting a shadow on its ability to successfully execute its M&A strategy.” It cites lower organic revenue growth and greater execution risks for the downgrade.