SPY424.48-0.78 -0.18%
DIA343.41-0.89 -0.26%
IXIC14,072.86-101.29 -0.71%

Wedbush Reiterates Outperform Rating, $42 Price Target for Playtika After Q1 Results

05/11/2021 10:42

02:32 PM EDT, 05/11/2021 (MT Newswires) -- Wedbush reiterated its outperform rating for Playtika Holding (PLTK) after the gaming developer beat Q1 revenue expectations and raised their FY21 guidance by more than the full amount of its Q1 upside.

The higher guidance reflects Playtika's "increased confidence that gains earned during the COVID-19 pandemic are sustainable," Wedbush analyst Michael Pachter said in a note to clients on Tuesday.

"Several factors make Playtika a compelling investment opportunity, including significant operating leverage, strong M&A capabilities, an unrivalled portfolio of genre-leading games, and a robust technology platform capable of sustaining long-lasting franchises," Pachter said.

Pachter's confidence in the stock is underscored by his $42 price target, a 36% premium over Monday's closing price.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 25.40, Change: -1.42, Percent Change: -5.31