Light & Wonder resumed with a Buy at B. Riley

B. Riley resumed coverage of Light & Wonder with a Buy rating and $120 price target The firm says that despite peer growth outperformance, a “significantly de-levered” balance sheet, and “strong” return of capital policies, Light & Wonder’s valuation is ~40% below its closest peer and 13% below its own historical valuation average. The recent selloff driven the by a preliminary injunction issued over the company’s Dragon Train franchise “creates an even stronger entry point for investors,” the analyst tells investors in a research note. Riley expects Light & Wonder’s market share gains to continue through 2026, driven by improved product depth and breadth, category expansions, and competitor acquisition disruption.