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Investing.com -- Shares of Light & Wonder (NASDAQ: LNW) climbed 11% following a significant legal victory in Australia. The gaming company was embroiled in a legal dispute with competitor Aristocrat Leisure over its Dragon Train game, which ended favorably for Light & Wonder as a court denied Aristocrat Leisure’s request for an interlocutory injunction.
Benchmark analyst Mike Hickey has maintained a Buy rating on Light & Wonder, with a price target of $114.00. Hickey’s endorsement came after the court ruling, which he believes has dispelled concerns regarding the impact of the litigation on Light & Wonder’s previously sold games in the Australian market. "Light & Wonder (LNW) recently secured a legal victory in Australia, as a court denied Aristocrat Leisure’s request for an interlocutory injunction concerning their Dragon Train game. We believe this ruling has alleviated concerns that the litigation might affect previously sold games in the Australian market," said Hickey.
The analyst further noted that the court’s decision does not necessitate any action from Light & Wonder’s customers and highlighted the company’s focus on its content pipeline extending into 2025 and beyond. Upcoming titles such as LIGHTNING GONGS and HUFF N’ EVEN MORE PUFF are part of the company’s strategic content roadmap.
The positive outcome from the Australian court case provides Light & Wonder with a clearer path forward, potentially reinforcing its position in the competitive gaming market. The stock’s upward movement reflects investor confidence in the company’s ability to navigate legal hurdles and focus on future growth prospects.
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