Super Group's stock surged 5.04% in premarket trading on Wednesday, driven by positive analyst sentiment and the company's strong financial performance. Analysts at Canaccord and Needham raised their price targets on the stock, citing the company's impressive 2024 results and growth prospects.
Canaccord increased its price target on Super Group to $11 from $10, maintaining a Buy rating on the shares. The firm highlighted the company's strong fourth-quarter earnings report, which showcased its robust financial performance. Similarly, Needham raised its price target to $10 from $9, also keeping a Buy rating on the stock. The analysts recognized Super Group's very strong fiscal year 2024 results and expressed optimism about its future growth trajectory.
Furthermore, Super Group received shareholder approval for the disposal of its 53.6% stake in SG Fleet Group by its subsidiary Bluefin Investments. This strategic move is expected to streamline Super Group's operations and potentially unlock additional value for shareholders.
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