DoubleDown price target raised to $21 from $16.25 at Wedbush

Wedbush raised the firm’s price target on DoubleDown (DDI) to $21 from $16.25 and keeps an Outperform rating on the shares following the Q3 report. The firm says the company is executing well against a slowly shrinking user base. DoubleDown’s ability to monetize its base, converting nearly 7% of its active users into active payers is impressive, tracking at around three-times the industry norm, the analyst tells investors in a research note. Wedbush sees a “lot of runway” for the real-money gaming business, and says that should real-money gaming ever be legalized in the U.S., DoubleDown will “hit the ground running.” DoubleDown also has significant potential to expand further throughout Europe, it adds.