Light & Wonder price target lowered to $117 from $122 at Macquarie

Macquarie lowered the firm’s price target on Light & Wonder to $117 from $122 and keeps an Outperform rating on the shares after the company received an order from the U.S. District Court for the District of Nevada granting Aristocrat a “preliminary injunction,” stopping the commercialization of Dragon Train globally and pausing outright sales of the product and gaming operation earnings. The preliminary injunction represents $70M in annual adjusted EBITDA, the analyst tells investors in a research note. The firm says that while Light & Wonder’s valuation is attractive, there is a lack of near-term catalysts without certainty on legal proceedings.