Stifel analyst David Pang lowered the firm’s price target on Playstudios to $4 from $6 and keeps a Buy rating on the shares. The firm is forecasting lower results for Q4 of 2023 for standalone mobile gaming companies within its coverage universe, the analyst tells investors. FY24 guidance is expected to accompany the earnings announcements and should reflect a degree of cautious optimism, Stifel adds. Overall, the firm trimmed its revenue estimates on the company.
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