ALL has continued to grind higher through 2023, offering investors few decent opportunities to buy into dips. We like the company’s direction after expanding its buyback by $500mn, $US1.2bn acquisition of NeoGames, and launch of new NFL slot machines in Las Vegas last week. However while our preferred scenario is ALL will test $44 into Christmas, the risk/reward isn’t exciting.
- We like ALL as a business but see limited upside above $43, only 5-6% higher.
MM is short-term bullish toward ALL
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