Gambling firm Tabcorp slides as analysts cut PTs, earnings estimate

Tabcorp Holdings

13/10/2023 03:45

(Adds weekly moves, JP Morgan comments)
    ** Shares of Australia's Tabcorp Holdings  TAH.AX  fall as
much as 2.2% to A$0.895
    ** Stock fell 4.2% this week, set for worst weekly decline
since Sept. 8
    ** Analysts at Morgan Stanley trim PT on Australia's largest
gambling firm to A$1.20 from A$1.30
    ** The company on Thursday posted a fall in quarterly
revenue which missed market expectations
    ** JP Morgan cuts PT on Tabcorp by 10% to A$0.90 and retains
"neutral" rating  
    ** Downgrades core earnings estimate for FY24 and FY25 by 7%
and 3%, respectively, to reflect muted sales trends 
    ** Morgan Stanley cuts FY24 EBITDA estimates on co by 9%
    ** TAH has fallen 14.9% this year, as of last close

 (Reporting by Rishav Chatterjee and Poonam Behura in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))