Betsson (Hold, TP: SEK95.00) - Something’s not right
More sector consolidation could be supportive and we continue to like the US expansion opportunity. That said, we have cut our target price to SEK95 (110) and downgraded Betsson to HOLD (BUY), reflecting rising risks in the replacement of long-time CEO Pontus Lindwall and growing external risk associated with the recent new concerns at the start of Dutch re-regulation.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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