Equity research firm Bernstein has initiated coverage of Cirsa, the Catalan gaming company that went public on July 9, describing it as a “gold mine” for value creation within Spain’s Mercado Continuo.
In its report, Bernstein highlights Cirsa’s omnichannel strategy as a key strength, with significant growth opportunities online, particularly in Latin America. The analysts also point to selective acquisitions and continuous product innovation as additional catalysts that could position the company well to benefit from evolving consumer preferences and regulatory frameworks.
Bernstein forecasts that Cirsa’s EBITDA could grow at close to double-digit annual rates, supported by both sector dynamics and the company’s strategic initiatives.
Valuation also plays a role: according to Bernstein, Cirsa’s shares trade at a 30% discount compared to peers such as Italy’s Lottomatica.
The firm has set an initial target price of €20.20 per share, implying an upside potential of 31% versus today’s opening price of €15.40.
Since its IPO at €15 per share in July, Cirsa’s stock has traded in a relatively narrow range between €14 and €15.5.
Bernstein’s optimistic stance is echoed by Barclays and Jefferies, both of which have price targets around €20 per share. Deutsche Bank has taken an even more bullish approach, raising its forecast to €22.70, while Morgan Stanley remains more cautious with a target of €17.50.
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