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Is Pointsbet Holdings Ltd (ASX: PBH) Stock prices were pretty strong on Thursday.
The stock price of a sports betting company rose slightly, ending the day at $ 13.50.
This means that PointsBet’s share price has risen 14% since the beginning of the year, more than doubling in the last 12 months.
Why did PointsBet’s share price rise?
Investors were buying shares in the company yesterday. Announced A 10-year contract with Riverboaton-the-Potomac to offer online and retail sports betting in Maryland.
Johnny Aitken, CEO of PointsBet USA, commented: Touch points for all customers. “
Is this good news?
According to my memo Goldman SachsThe analyst is pleased with the news, repeating the company’s stock purchase rating and price target of $ 17.20.
Based on the current PointsBet share price, this means a potential increase of 17.5% over the next 12 months.
What did Goldman say?
Goldman Sachs commented: Year. “
“With the addition of Maryland, PBH now has direct market access to 15 US states (17, including non-detained states), with the goal of operating in 18 US states by the end of CY22. It’s going well, noting that for Maryland, the government expects face-to-face betting to begin within a few months and online sports betting to begin around February 2022. Please. Sports betting revenue is expected to be taxed. At 15%. “
Brokers believe the company has a $ 1 billion (A $) opportunity in the state, making this an important new addition to the network.
It explains: “Maryland is the 19th most populous state in the United States and constitutes c, as shown in the US sports betting TAM model. 1.8% of the US population and c. US PCE. 2%. Within the context of the TAM model, the state is currently modeled as a Tier 2 state, accounting for approximately US $ 900 million at maturity towards TAM. “
How much could the stock price of PointsBet (ASX: PBH) rise?
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