Tabcorp Holdings' 1H result matrially missed expectations held by Morgans and consensus largely due to weakness in the Wagering segment explains the broker.

Management attributed the weak 1H result to the ongoing weak macroeconomic backdrop and the 'resetting of the market after a period of abnormal growth through covid'. Group revenue fell by -5% to $1,210m.

The target falls to 85c from $1.10. Over the longer-term Morgans  remains positive and keeps an Add rating.

Sector: Consumer Services.

Target price is $0.85.Current Price is $0.68. Difference: $0.17 - (brackets indicate current price is over target). If TAH meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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