ESports Entertainment Group (GMBL) PT Lowered to $4 at Benchmark

Benchmark analyst Mike Hickey lowered the price target on ESports Entertainment Group (NASDAQ: GMBL) to $4.00 (from $20.00) while maintaining a Speculative Buy rating.

The analyst commented, "GMBL delivered disappointing F2Q22 financial results and meaningfully reduced FY22 revenue guidance. Operational developments impacting performance in the quarter and FY22 include the unexpected shuttering of Netherlands business subsequent a regulatory change, a lower than anticipated online sports betting hold across Europe, and a lingering virus influence on GMBL's esports business including event cancellations. We have reduced growth estimates."

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