Susquehanna downgrades Light & Wonder on end of turnaround multiple

Susquehanna downgraded Light & Wonder to Neutral from Positive with a price target of $95, down from $111. The analyst thinks the Q1 results “signaled an unofficial end” to Light & Wonder’s “impressive operational turnaround.” Results from here are more reliant on industry factors, and the stock no longer deserves a premium turnaround multiple, the analyst tells investors in a research note. The firm says Light & Wonder’s international sales in Australia helped quarterly outperformance over the past three quarters, but its 40% Q1 ship share from Dragon Train is unlikely to continue.