DoubleDown transferred with Buy rating at B. Riley

B. Riley analyst Josh Nichols kept a Buy rating on shares of DoubleDown (DDI) with a $23 price target following a transfer of coverage. The company’s “mature” social casino business, which accounts for 90% of revenue, performs “admirably despite some industry headwinds,” the analyst tells investors in a research note. The firm believes DoubleDown has several potential re-rating catalysts, saying its “highly lucrative” core social casino business and balance sheet optionality “make the stock a rare investment opportunity for value-focused investors.”