Bragg Gaming Group Inc (BRAG – Research Report), the Communication Services sector company, was revisited by a Wall Street analyst yesterday. Analyst Mike Hickey from Benchmark Co. maintained a Buy rating on the stock and has a $6.00 price target.
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Mike Hickey has given his Buy rating due to a combination of factors that highlight Bragg Gaming Group’s strong financial performance and strategic growth initiatives. The company reported impressive revenue and AEBITDA growth in the first quarter, with significant improvements in operating leverage, margin expansion, and cash flow. Despite challenges in the Netherlands, Bragg’s expansion in the U.S. and Brazil has more than compensated, positioning the company well for future growth.
Bragg’s strategic shift towards proprietary content and platform solutions is a key driver of its high-margin transformation strategy. This approach has led to deeper relationships with major operators like Caesars and DraftKings, allowing for quick and cost-effective market entries. The U.S. and Brazilian markets are central to Bragg’s growth story, with Brazil expected to contribute significantly to future revenue. Additionally, the potential legalization of iGaming in Ohio presents a substantial opportunity for further expansion. With these strategic advantages and a robust financial outlook, Bragg is well-positioned to outperform in the coming years.
In another report released today, Citizens JMP also maintained a Buy rating on the stock with a $6.00 price target.
BRAG’s price has also changed dramatically for the past six months – from C$4.250 to C$6.430, which is a 51.29% increase.
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