Accel Entertainment: Hold Rating Amid Slowing Growth and Market ChallengesWe initiate coverage of Accel Entertainment Inc (ACEL) with a Hold rating and $13 PT (~6.5x our 2027E EBITDA). ACEL is the largest (and only) public route gaming operator, and will likely grow at a modestly higher clip than other land-based ops in the coming years. That said, we see IL growth slowing (~75% of ACEL's revenue base), and think ACEL is hamstrung by a limited float that prevents investors from taking meaningful ownership. We do see a path to becoming more constructive through inorganic growth, either as new markets legalize VGTs or ACEL leverages its best-in- class balance sheet to execute M&A.