JMP Securities upgraded Bragg Gaming (BRAG) to Outperform from Market Perform with an $8 price target. Trading multiples across online gaming do not reflect the strong fundamentals, the analyst tells investors in a research note. The firm believes the sale of Gan Limited (GAN) for 5-times 2025 consensus EBITDA should set a floor for the value of a business-to-business business. It sees Bragg, trading at 4.2-times consensus EBITDA, as a “superior business model given the growth pipeline and cash flow.” JMP thinks content creation is an attractive, high-growth business, and views management and the company’s operations in a favorable light.
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