UPDATE: Citi Downgrades Skillz inc. (SKLZ) to Neutral

Citi analyst Jason Bazinet downgraded Skillz inc. (NYSE: SKLZ) from Buy to Neutral with a price target of $2.10 (from $5.00).

The analyst comments "Skillz equity has been under pressure. We believe the efficiency of sales and marketing spend is the primary reason. If marketing efficiencies improve, the firm will achieve its goal of positive Adj EBITDA by 4Q24. However, if the status quo persists, the firm may face liquidity issues in 2024. If we assign relatively high likelihood (80%) of improved marketing efficiencies, we see the current risk-reward as fairly balanced. As such, we are downgrading from Buy to Neutral."

For an analyst ratings summary and ratings history on Skillz inc. click here. For more ratings news on Skillz inc. click here.

Shares of Skillz inc. closed at $1.83 yesterday.

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