Playtika downgraded to Underperform from Neutral at BofA

BofA downgraded Playtika to Underperform from Neutral and maintained a $10 price target. Shares have rallied 28% in the last month, recently benefiting from positive tactical catalysts in the context of a depressed valuation entering 2023, but BofA believes estimates for FY23 and FY24 will fall as a recession, beginning in 2H23, pressures mobile gamers to spend less, the analyst tells investors in a research note.