Benzinga | Jul 16, 2021 07:17AM EDT

Truist Downgrades SciPlay To Hold; Reduced Price Target Implies 6% Upside

* Truist analyst Matthew Thornton downgraded SciPlay Corp (NASDAQ:SCPL) to Hold from Buy with a price target of $18, down from $20, implying a 6% upside.

* It follows the company's parent Scientific Games Corp's (NASDAQ:SGMS) proposal to acquire the remaining outstanding shares in a tax-free all-stock transaction.

* There is unlikely to be a meaningful upside to the transaction, Thornton stated.

* Thornton added the deal values SciPlay at just over $17 per share based on yesterday's closing prices.

* Price action: SCPL shares closed higher by 10.55% at $16.98 on Thursday.