Wells Fargo analyst Brian Fitzgerald lowered the firm’s price target on Playtika to $8 from $9.50 and keeps an Equal Weight rating on the shares. The firm notes Playtika traded growth for margin in 2023 and plans to ramp UA spend in 2024 – hence, 2024 EBITDA guidance 12% below Street. Management also plans to deploy $600M-$1.2B toward M&A over the next 3 years, rewarding shareholders 10c/quarter for their patience, Wells adds.
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