Canaccord upgraded Super Group (SGHC) to Buy from Hold with a price target of $10, up from $5. The company’s “robust” Q4 growth was likely driven by a combination of factors, including favorable soccer outcomes across Europe and continued momentum in Africa, the analyst tells investors in a research note. While the shares have more than doubled over the past year, Canaccord currently finds Super Group’s valuation “more attractive than ever” now that the company has completed its exit from the U.S. sports betting market and is focusing investments on those countries where it sees a clear path to sustainable growth. It cites a clear path to continued sales growth and consolidated margin expansion going forward for the upgrade.
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