SGMS - Scientific Games slides as Stifel moves to the sidelines

Scientific Games Corporation (SGMS -3.9%) shares drop after Stifel downgraded the stock to Hold from Buy, citing a three-fold increase in price since pre-COVID. "We think the asset-sale driven value creation has largely played out, with investor focus now shifting to the long-term thesis where still material execution risk offsets our enthusiasm for this leadership team and their well-illustrated RemainCo growth strategy," writes analyst Jeffrey Stantial. Still, he calls management's execution "superb" and says that timing is the main factor in moving to the sidelines. Stifel lowers its price target on SGMS to $84 from $90. The average sell-side price target stands at $83.

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Scientific Games slides as Stifel moves to the sidelines