** Jefferies sees betting firm Tabcorp’s TAH.AX retail uplift and racing revival as medium-term catalysts, but warns that near-term earnings will be pressured by a lack of New South Wales licence reforms and by ongoing yield drag.

** Brokerage says recent Racing Victoria AGM commentary and data point to a challenging first half for wagering operators, with bookmaker margins in Victoria sliding from a year ago

** Maintains price target for TAH at A$1.07 and a 'Buy' rating

** Stock has lost 14.1% so far this month and is set for its worst November on record

(Reporting by Kumar Tanishk in Bengaluru; Editing by Edmund Klamann)

((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))