Bookmaker Tabcorp slips as Macquarie cuts PT on wagering market woes

Tabcorp Holdings

20/12/2023 02:55

(Rewrites with shares and Macquarie comments)
    ** Shares of Australia's Tabcorp  TAH.AX  drop as much as
2.6% to A$0.838 to hit their lowest since Dec. 15
        ** Analysts at Macquarie lower PT on the racing and
wagering giant to A$0.90 from A$1.05
  
        ** Brokerage remains cautious on the wagering sector;
adds industry volumes are tracking flat to down
  
        ** Says regulatory changes are looming for the wagering
sector
  
        ** Says the boomkaker's 
    Victorian wagering retail licence win removes some
uncertainity; retains "Neutral"
    ** Sees the underlying wagering & media business tracking
backwards, albeit, returning to growth in FY25
    ** Six of 10 analysts rate the stock "Buy" or higher and
four "Hold"; their median PT is A$1.05 – LSEG data
    ** Stock has fallen 20% this year as of last close


($1 = 1.4799 Australian dollars)

 (Reporting by Neha Soni and Rishav Chatterjee in Bengaluru)
 ((Neha.Soni@thomsonreuters.com))