Gan Limited downgraded to Hold from Buy at Jefferies

Jefferies analyst David Katz downgraded Gan Limited to Hold from Buy with a price target of $2, down from $9. The company’s quarterly results came in slightly lower than expectations again, which coupled with the guidance suspension, is likely to result in negative reaction in the shares, Katz tells investors in a research note. The analyst says that with the “shift in risk tolerance” among operators and investors over the past year and lack of new jurisdictions opening, notably California, he sees limited near-term “growth/recovery opportunities” for Gan. The near-term opportunities for the company may be limited as California voters rejected both sports betting propositions, writes Katz.