Analyst Bernie McTernan from Needham reiterated a Buy rating on Super Group (SGHC) and increased the price target to $14.00 from $11.00.
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Bernie McTernan’s rating is based on the recent positive developments at Super Group (SGHC), which include an increase in their 2025 revenue and adjusted EBITDA guidance. This upward revision was prompted by record-breaking second-quarter results, partially boosted by the Club World Cup. Additionally, the decision to exit the US iGaming market, due to high taxes in New Jersey affecting profitability timelines, has been factored into the analysis.
McTernan also updated the financial model to reflect improved performance outside the US and the strategic exit from the US market, leading to a 4.5% increase in the 2026 adjusted EBITDA estimates. There is potential value in the US business through their iGaming licenses in New Jersey and Pennsylvania, as well as their customer database, which could contribute positively in the future.
In another report released yesterday, BTIG also maintained a Buy rating on the stock with a $13.00 price target.