Canaccord analyst Robert Young downgraded Enthusiast Gaming to Speculative Buy from Buy with a price target of C$1.50, down from C$3. Enthusiast Gaming reported Q3 results below expectations as macro headwinds took a toll on digital ad demand and pricing, the analyst tells investors in a research note. With reduced estimates on the back of Q3 and weak ad spend and pricing driving deeper into Q4 than modelled, the firm sees a higher risk profile.
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