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DoubleDown price target lowered to $22 from $23 at B. Riley

B. Riley analyst Josh Nichols lowered the firm’s price target on DoubleDown (DDI) to $22 from $23 and keeps a Buy rating on the shares. DoubleDown’s Q1 revenue was below consensus, while social casino revenue, which accounts for 84% of sales, was down 12% year over year amid a challenging comp, the analyst tells investors in a research note. The company’s highly profitable core social casino business, fortress balance sheet, and iGaming optionality make DoubleDown an attractive investment opportunity, the firm argues.

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