Wedbush downgrades SciPlay to Neutral on merger agreement

As previously reported, Wedbush analyst Michael Pachter downgraded SciPlay (SCPL) to Neutral from Outperform with a $23 price target. The firm notes thatLight & Wonder (LNW) and the company have entered into a definitive agreement whereby the former will acquire the remaining equity interest in SciPlay not already owned by it for $22.95 per share. Wedbush also highlights that SciPlay’s top and bottom-line results continue to outperform Street estimates.