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Investing.com - JMP Securities has reiterated its Market Outperform rating and $6.00 price target on Bragg Gaming Group Inc. (NASDAQ:BRAG). Currently trading at $4.72, the stock has shown strong momentum with a 27.7% gain year-to-date, according to InvestingPro data.
The firm’s analysis maintains the previous outlook for the gaming technology company, which provides B2B solutions in the iGaming industry.
JMP analyst Jordan Bender explained that the $6 price target is based on 6.3x the firm’s 2026 estimated EBITDA.
The target also represents 12x JMP’s 2026 estimated free cash flow (FCF) for Bragg Gaming.
The reiteration comes as Bragg Gaming continues to develop its position in the online gaming and gambling technology sector. With revenue growing at 9.76% and a gross profit margin of 54.44%, detailed financial metrics and additional insights are available through InvestingPro’s comprehensive research reports.
In other recent news, Bragg Gaming Group reported its first-quarter financial results, showing a revenue of €25.5 million, a 7.1% increase year-over-year, and an Adjusted EBITDA of €4.1 million, up 19.7% from the previous year. The company’s proprietary content surged 62% year-over-year, contributing to a gross margin expansion of 612 basis points to 56%. Bragg Gaming also secured a new $6 million Senior Secured Revolving Credit Facility to support working capital and growth initiatives. Additionally, the company has signed an agreement with Hard Rock Digital to develop exclusive online casino games for Hard Rock Bet Casino (EPA:CASP), initially launching in New Jersey. The company appointed Luka Pataky as Executive Vice President of AI and Innovation to enhance its iGaming operations through artificial intelligence. At its recent annual general meeting, Bragg Gaming elected all six nominated directors to its board and reappointed MNP LLP as auditors. Benchmark analysts maintained their Buy rating for Bragg Gaming, with a $6.00 price target, emphasizing the company’s strategic focus on proprietary content and expansion in the U.S. market.
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