Analyst Jack Vander Aarde of Maxim Group reiterated a Buy rating on Bragg Gaming Group Inc (BRAG – Research Report), retaining the price target of $11.00.
Jack Vander Aarde has given his Buy rating due to a combination of factors including Bragg Gaming Group Inc.’s strong financial performance and strategic market expansions. The company reported a notable increase in revenue and adjusted EBITDA for the fourth quarter of 2024, which were in line with expectations and demonstrated significant year-over-year growth. This financial strength is further supported by management’s reaffirmation of their 2025 guidance, projecting continued revenue and EBITDA growth.
Bragg Gaming Group’s strategic expansion into the US and Brazilian markets is another key factor in the Buy rating. The company has achieved substantial market coverage in the US iGaming sector and is rapidly increasing its presence in Brazil. These expansions are expected to significantly contribute to revenue, offsetting challenges in other markets like the Netherlands. Additionally, the company’s strong cash position and positive free cash flow projections suggest that it will not require additional capital, further solidifying its financial stability and growth potential.
Vander Aarde covers the Technology sector, focusing on stocks such as Turtle Beach, Alarm, and Datavault AI. According to TipRanks, Vander Aarde has an average return of 2.9% and a 30.84% success rate on recommended stocks.
In another report released today, JMP Securities also maintained a Buy rating on the stock with a $6.00 price target.