Truist Downgrades SciPlay To Hold; Reduced Price Target Implies 6% Upside

July 16, 2021 7:17 AM | 1 min read | Make a Comment

Truist analyst Matthew Thornton downgraded SciPlay Corp SCPL to Hold from Buy with a price target of $18, down from $20, implying a 6% upside.
It follows the company's parent Scientific Games Corp's SGMS proposal to acquire the remaining outstanding shares in a tax-free all-stock transaction.
There is unlikely to be a meaningful upside to the transaction, Thornton stated.
Thornton added the deal values SciPlay at just over $17 per share based on yesterday's closing prices.
Price action: SCPL shares closed higher by 10.55% at $16.98 on Thursday.