Playstudios downgraded to Hold at Benchmark as social casino weakness continues

As previously reported, Benchmark downgraded Playstudios to Hold from Buy with no price target after the company reported “disappointing” Q2 results and reduced its full-year 2024 guidance, primarily due to continued weakness in the social casino industry. Despite efforts to implement structural changes and improve game performance, “anticipated growth has not materialized,” says the analyst, who cites “deteriorating results and a darkening macroeconomic scenario” for its downgrade.