Jefferies analyst David Katz downgraded Scientific Games to Hold and cut his price target for the shares to $22 from $46. The changes at the company, some of which are of its own doing and some not, have "compiled to exacerbate the market-driven pressure on the shares," Katz tells investors in a research note. Scientific Games changed CEOs, lost a lawsuit which it expects to appeal, lost a significant systems contract and the high yield market has tightened on higher interest rates, which could mitigate the opportunity to refinance its 10% debt, says the analyst. He believes the pressure from these events is not likely to reverse in the near term. Overhangs, uncertainties and leverage "warrant a more conservative stance," says Katz.