BlueBet Holdings has withdrawn its Virginia licence application. Nevertheless, the market entry strategy in the US is unchanged and management is looking at potential market access as a B2C provider in Colorado, Tennessee and Maryland.
Yet Morgans suspects the market needs to witness greater progress on US access before re-rating the stock. Meanwhile, the core Australian business remains strong. Add rating retained. Target falls to $2.57 from $2.80.
Target price is $2.57.Current Price is $1.94. Difference: $0.63 - (brackets indicate current price is over target). If BBT meets the Morgans target it will return approximately 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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