Newly public Playtika (PLTK) acquired optimistic evaluations Tuesday as Wall Avenue analysts initiated protection of the cell online game writer. PLTK inventory jumped on the information.
No less than seven Wall Avenue companies started protection of PLTK inventory. Of these, six have purchase scores and one is impartial.
In afternoon buying and selling on the stock market today, PLTK inventory rose 5.5%, close to 34.10.
“Playtika operates within the largest and quickest rising phase of video gaming — the $100 billion cell gaming market,” Morgan Stanley analyst Brian Nowak stated in a be aware to purchasers. He expects the market to expertise a compound annual development charge of 15% from 2019 via 2024.
PLTK Inventory Has Shaped IPO Base
“Playtika has established itself because the chief inside social on line casino” video games, Nowak stated. It’s now increasing into the informal gaming phase, he says. Nowak charges PLTK inventory as chubby with a worth goal of 35.
Headquartered in Herzliya, Israel, Playtika went public on Jan. 15 with its shares priced at $27. It ended its first day of buying and selling at 31.62.
PLTK inventory has shaped an IPO base with a buy point of 36.16, based on IBD MarketSmith charts. That purchase level is 10 cents above its document excessive of 36.06, reached on the day of its initial public offering.
A Prime International Cellular Sport Maker
“Playtika could not (but) be a family online game title, however the firm ranks as one of many high cell sport firms globally,” Baird analyst Colin Sebastian stated in a be aware to purchasers. “At the moment, Playtika operates 9 of the highest 100 highest grossing cell video games within the U.S., together with 5 titles ranked first of their respective classes (slots, bingo, hidden objects, solitaire, and poker) with seven which are wholly-owned mental properties.”
Sebastian charges PLTK inventory as outperform with a worth goal of 38.
UBS analyst Eric Sheridan gave buy-rated PLTK inventory a Avenue-high worth goal of 40. He sees Playtika benefiting from long-term secular tailwinds such because the rising smartphone put in base and a brand new technology of players.
PLTK inventory is on IBD’s IPO Leaders inventory checklist.
Comply with Patrick Seitz on Twitter at @IBD_PSeitz for extra tales on client expertise, software program and semiconductor shares.
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