Light & Wonder's ASX-listed shares continue to fall on legal blow; broker cuts PT

Light & Wonder

25/09/2024 02:52

** ASX-listed shares of Light & Wonder  LNW.AX   LNW.O  slip
as much as 3.6% to A$129.74, extending losses to fifth straight
session
    ** J.P Morgan cuts PT to A$150 from A$170; retains
"overweight"
    ** Slashes U.S-based gaming co's FY25 earnings estimate by
2% to reflect the removal of Dragon Train poker machine game
from sales and earnings
    ** "We believe LNW will still generate mid- to
high-single-digit EBITDA growth through FY25/FY26"
    ** U.S. court granted preliminary injunction to rival
Aristocrat Leisure's  ALL.AX  unit relating to L&W's Dragon
Train game
    ** Avg rating of analysts is "buy"; their median PT is A$175
– LSEG
    ** YTD, stock gains ~8.4%

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))