Bookmaker Tabcorp plunges as broker Jarden cuts PT, earnings estimates

Tabcorp Holdings

19/12/2023 02:36

(Rewrites buzz with Jarden comments)
    ** Shares of Australia's Tabcorp  TAH.AX  fall as much as
7.2% to A$0.84 in their biggest intraday pct drop since Oct. 12
    ** Analysts at Jarden trim PT on the bookmaker to A$1.15
from A$1.20; maintain "overweight"    
    ** TAH shares posted record daily gain on Monday after co
secured sole rights to a new licence for betting and wagering in
the state of Victoria for next 20 years
    ** Brokerage terms licence win "positive" but flags softer
wagering market; downgrades FY24 earnings estimates
    ** Brokerage expects short-term earnings pressure from co's
soft top-line metrics to be increased by operational expenditure
payments timing
    ** Stock down 15.8% this year, as of last close

 (Reporting by Shivangi Lahiri and Rishav Chatterjee in
Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))