2023-03-28 08:47:06 ET
Bragg Gaming Group ( NASDAQ: BRAG ) is picked by Roth MKM as a potential winner in the gaming sector with the stock seen as not getting enough credit from investors as a growth story.
Analyst Edward Engel said Buy-rated Bragg Gaming ( BRAG ) is among the fastest growing companies in the firm's coverage. Even though the iGaming content provider guided for 33% EBITDA growth in 2023 after 64% growth in 2022, shares have been range-bound this year and are down 6% YTD. "At some point we expect investors to notice this under-followed, high-growth iGaming supplier with a strong history of beats/raises that only trades at 4.4x 2023 EBITDA guidance or 13.6x EBITDA less CapEx (a proxy for FCF)," updated Engel.
Notably, Engel thinks Bragg is set up for a second-half ramp with new content from New Jersey, Michigan, and Pennsylvania coming on line that could push revenue, EPS, and EBITDA past consensus expectations
Roth MKM has a price target of $6 on BRAGG. Shares of Bragg Gaming Group ( BRAG ) rose 1.39% premarket to $3.65 vs. the 52-week trading range of $2.30 to $7.94
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Bragg Gaming is called an iGaming stock standout by Roth MKM