Morgans expects the FY22 earnings (EBITDA) loss for BlueBet Holdings of -$5.5m will widen to -$10.5m in FY23 as share is built in the Australian market and as the company becomes established in the US.

The broker increases its FY23 forecast loss to -$10.5m from -$1.4m and now forecasts a -$5.8m loss in FY24. The new target is set at $1.30, down from $1.40, made up of $0.80 for Australia and $0.50 for the US.

The analyst feels the opportunity remains and the Add rating is maintained.

Target price is $1.30.Current Price is $0.43. Difference: $0.87 - (brackets indicate current price is over target). If BBT meets the Morgans target it will return approximately 67% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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