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Investing.com - Jefferies downgraded Playtech (LON:PTEC) stock rating from Buy to Hold and significantly reduced its price target to GBP2.40 from GBP4.05.
The downgrade reflects increased uncertainty stemming from the ongoing legal dispute between Playtech and Evolution in the United States, according to Jefferies’ research note.
The investment firm adjusted its discounted cash flow (DCF) model by increasing the asset beta to account for the uncertainty and wide range of potential outcomes from the lawsuit.
Jefferies emphasized it takes no position on the potential outcome of the legal proceedings, noting that the recommendation change is purely based on the increased risk profile.
The firm also reviewed and lowered its rating on Evolution stock to Hold as part of the same analysis of the legal situation between the two gaming technology companies.
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