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Investing.com - JPMorgan has upgraded Jumbo Interactive Ltd (ASX:JIN) from Neutral to Overweight and raised its price target to AUD14.00 from AUD11.50, representing a 22% increase.
The upgrade follows Jumbo Interactive’s acquisition of Dream Car Giveaway (DCG), which JPMorgan believes reduces the company’s concentration of profit risk in its lottery reselling business through the end of the decade.
JPMorgan highlighted that DCG immediately enhances earnings per share in the "highly fragmented UK prize-draw market," while Jumbo’s refreshed dividend policy signals its intention to pursue additional acquisition opportunities.
The investment bank also noted that the market appears to underappreciate Jumbo’s large Software-as-a-Service (SaaS) contract in Queensland, which represents significant value not fully reflected in current consensus estimates.
Additional near-term catalysts for Jumbo Interactive include the Western Australia tender and an upcoming Powerball price increase, according to JPMorgan’s analysis.
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