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Super Group Downgraded to Perform at Oppenheimer Following Q2 Results

Analysts at Oppenheimer downgraded Super Group Limited (NYSE:SGHC) to perform from outperform and removed their previous $8 price target following the company’s reported Q2 results last week.
The analysts highlighted the company’s reiterated full-year guidance, which came well-below Street estimates on Macro, Europe regulatory headwinds, and Canada’s legal transition.
Q2 revenue dropped 10% year-over-year to €320.8 million, 12% below the Street estimate, as a result of online casino net gaming revenue and brand license fee income decline, partially offset by a revenue increase in sports betting net gaming. Q2 monthly average customers grew 3% year-over-year to 2.7 million.

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