UPDATE: H.C. Wainwright Starts ESports Entertainment Group (GMBL) at Buy, 'Complementary Business Lines Drive Meaningful Organic Growth Opportunity'
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H.C. Wainwright analyst Scott Buck initiates coverage on ESports Entertainment Group (NASDAQ: GMBL) with a Buy rating and a price target of $20.00.
The analyst comments "Differentiated online wagering model with focus on esports. We are initiating coverage of Esports Entertainment Group, Inc. with a Buy rating and a 12-month price target of $20. Headquartered in Malta, the company currently operates in both esports and online wagering verticals with the goal of providing a platform in which participants can play, watch, and bet on their favorite esports events. The focus on esports is a differentiator and in our view positions the business for substantial growth while being somewhat insulated from the more competitive traditional online sports wagering sites. As the business begins to deliver on its revenue guidance and profitability improves from benefits of scale, we expect new investors to gravitate towards GMBL shares."
Shares of ESports Entertainment Group closed at $11.81 yesterday.
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