BTIG downgraded Gambling.com (GAMB) to Neutral from Buy after its Q3 results and guidance cut. With Search still representing 35%-40% of all revenue for the business and trends expected to stabilize next year as part of the initial FY26 guidance framework, there is some risk that even after today’s reset, there is still room for further negative revisions as a result of several factors, the analyst tells investors in a research note. These include greater competition for marketing budgets amongst industry B2B operators, ongoing Search volatility, driven by ongoing ranking deprecation, or a shortfall in the non-SEO segments of the performance marketing revenue stream, which are expected to grow at healthy double-digit rates next year, the firm added.
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