DA Davidson Downgrades SciPlay Corp. (SCPL) to Neutral

DA Davidson analyst Franco Granda downgraded SciPlay Corp. (NASDAQ: SCPL) from Buy to Neutral with a price target of $23.00.

The analyst comments "This time, it is happening. Light and Wonder (LNW) and SciPlay (SCPL) reached an agreement for LLNW to acquire the remaining ~17% equity interest in SCPL it does not currently own for $22.95/share in an all-cash transaction. This marks a 15% improvement over the initial acquisition proposal submitted in May, and it values SCPL at 3.2x EV/’24 sales. We maintain that the premium is warranted due to SCPL’s massive outperformance over the past year. Speaking of which, SCPL also posted a beat and raise quarter. We see no roadblocks for the deal closing and are thus are downgrading shares to NEUTRAL, from Buy, and maintaining our $23 price target. "

For an analyst ratings summary and ratings history on SciPlay Corp. click here. For more ratings news on SciPlay Corp. click here.

Shares of SciPlay Corp. closed at $19.65 yesterday.

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