Esports Entertainment downgraded to Neutral from Buy at H.C. Wainwright - InvestingChannel

Esports Entertainment downgraded to Neutral from Buy at H.C. Wainwright

H.C. Wainwright analyst Scott Buck downgraded Esports Entertainment Group to Neutral from Buy with a price target of 15c, down from $1.50. Potential asset sales could provide some balance sheet relief and provide necessary operating cash as the business moves toward profitability and positive cash generation, Buck tells investors in a research note. However, pricing conditions are likely different today versus 2021 when all of these assets were acquired, says the analyst. Buck believes Esports management is taking the right steps in streamlining the business, but says dilution from the September capital raise and an increased level of uncertainty moving forward causes him to move to the sidelines.

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