Morgan Stanley lowered the firm’s price target on Aristocrat Leisure (ARLUF) to A$66.90 from A$72.40 and keeps an Overweight rating on the shares. While Aristocrat is still the structural leader in Australia gaming, the stock’s current valuation gap with Light & Wonder (LNW) “overstates the quality difference” and Light’s superior earnings growth, the analyst tells investors in a research note. Morgan Stanley replaced Aristocrat with Light & Wonder as its preferred exposure.
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