Super Group downgraded at Canaccord on macro and regulatory uncertainty

Canaccord downgraded Super Group to Hold from Buy with a price target of $5, down from $8. While stating that the company reported "solid" Q4 results, including active customers, revenue, and adjusted EBITDA that all came in ahead of expectations, Super Group offered a "mixed" 2023 outlook that reflects macro uncertainty and a margin drag from U.S. investments, the analyst tells investors. The firm acknowledges its new price target "implies a significant potential return," but it thinks a Hold rating is appropriate "given the stock’s inherent volatility."