Skillz upgraded to Neutral from Sell at BTIG

BTIG upgraded Skillz to Neutral from Sell without a price target. The shares are down 77% over the last year, and while there remains “significant challenges ahead” for the company, we are now at a point where the stock is close to “trough value,” the analyst tells investors in a research note. The firm upgraded Skillz to Neutral on valuation and believes signs of “meaningfully more value-destructive capital allocation” is needed to underwrite further downside below the $4 per share level.