Evoke shares fall after Berenberg downgrade over UK tax hike impact

Evoke

28/11/2025 09:06

**  British betting firm Evoke's EVOK.L shares  down 2.73% at 28.55p

** Berenberg downgraded stock to Hold from Buy and cut price target to 33p from 95p, citing expected impact of UK taxes to earnings

** Brokerage says it sees little reason for Evoke's shares to rerate in the short term and see some wider risks to its 50% mitigation efforts

**"While hitting the 50% target might be feasible, we think that it could drive underinvestment, customer churn and a softening in the growth outlook" - Berenberg

** UK tax hikes on gambling firms is expected to lift EVOK's annual duty costs by 125-135 million pounds from April 2027

** EVOK withdrew its medium-term targets on Wednesday after disclosing the financial hit

** YTD, EVOK stock had fallen 52.94%

(Reporting by Tuhina in Bengaluru)

(( Tuhina@thomsonreuters.com ))