BTIG downgrades gaming firm Playtika, flags growth issues

Playtika Holding

12/10/2022 13:07

** U.S.-listed shares of Israel-based gaming firm Playtika
Holding Corp  PLTK.O  down ~1% premarket at $9.8 
    ** BTIG cuts to "neutral" from "buy", expected co's 3Q
revenue to be at the lower end of its annual guidance due to
growth issues
    ** BTIG expects stock to not perform well, given the co's
secondary offering of $1.3-$2.6 bln in early 2023
    ** Positive options for merger/acquisition of co also to not
materialize soon due to internal restructuring and recent
unsuccessful launches - Brokerage
    ** Brokerage notes a decrease in consumer credit card
spending to hit sector growth for more than a year 
    ** Eight of 13 brokerages rate the stock "buy" or higher,
four "hold" and one "sell"; their median PT is $17 - Refinitiv
    ** Up to Tuesday's close, stock had fallen ~43% YTD compared
with a ~30% decline in the Nasdaq Industrial index  .IXID 
 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))