GAN - GAN Limited is viewed favorably after Playtech attracts a suitor

B. Riley Securities weighs in on the implication for GAN Limited (NASDAQ:GAN) of Aristocrat announcing a cash acquisition of Playtech (OTC:PYTCF) at an inferred premium of 58%. Shares of Playtech ended the day up 64%. Analyst David Bain: "While Aristocrat intends to utilize Playtech to focus more broadly on accelerating growth of technology/content supply in North America (amongst other initiatives), we do not see a major competition/market share shift at this point. Instead, we believe the deal further demonstrates scarcity value of both B2B technology and content, highlighting valuation of GAN and a handful of other B2B/B2C gaming technology and content suppliers in the space, which continues to see extremely heavy M&A activity." B. Riley reiterates a Buy rating on GAN and price target of $26 to rep more than 60% upside potential. The average analyst price target on GAN is $23.80.

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GAN Limited is viewed favorably after Playtech attracts a suitor