Tabcorp's September quarter revenue was down -7.3% year on year due to lockdowns and no JobKeeper this time around. Lotteries & Keno nevertheless retained their defensive characteristics, the broker notes, and the demerger remains oin track for June next year.

The broker has not changed its Lotteries & Keno forecasts but has lowered group profit forecasts on a more conservative stance on margins in Wagering and Gaming. Add retained with risk/reward skewed to the upside ahead of the demerger.

Target dips to $5.70 from $5.71.

Sector: Consumer Services.

Target price is $5.70.Current Price is $5.09. Difference: $0.61 - (brackets indicate current price is over target). If TAH meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

© 2021 Acquisdata Pty Ltd., source FN Arena