Super Group (SGHC) stock soared 6.75% in pre-market trading on Friday, driven by a positive analyst report and rating upgrade from Canaccord Genuity. The online gambling company's shares received a boost after analyst Jason Tilchen upgraded SGHC to a Buy rating, citing strong international growth prospects and the company's strategic exit from the US market.
In his report, Tilchen highlighted Super Group's solid performance in international markets and the potential for further expansion. The analyst viewed the company's decision to withdraw from the US market as a positive strategic move, allowing it to focus resources on more lucrative opportunities globally.
The bullish outlook from Canaccord Genuity has fueled investor optimism around Super Group's growth trajectory, particularly as the company concentrates on strengthening its foothold in key international markets.
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