Playtika upgraded to Neutral from Underperform at BofA

BofA upgraded Playtika to Neutral from Underperform with a price target of $13, up from $10, citing an improved outlook for mobile gaming in-app purchases in 2023. While the firm’s bear thesis predicated on a change in user behavior due to the onset of recession “will likely not be tested this year,” the analyst argues that the case for a re-rating “remains elusive for casual mobile game publishers.”