Golden Nugget Online Gaming (NASDAQ:GNOG) is standing out as one of Wednesday’s best-performing gaming equities. That’s after a Wall Street analyst touted the company’s enviable positioning in the internet casinos and online sports betting markets.
In a note to clients today, Benchmark’s Mike Hickey rates GNOG stock a “buy,” with a $27 price target. That forecast implies upside of 31.5 percent from the Jan. 12 closing price. Hickey’s call is enough to have the iGaming name higher by almost 12 percent in late morning trading. If those gains hold or are added to, today would be GNOG’s best intraday performance since its Dec. 30 debut as a public company.
Landcadia is a special purpose acquisition company (SPAC) controlled by Tilman Fertitta and investment bank Jefferies. It merged with Golden Nugget Online to bring the latter public. That transaction was completed on Dec. 29. Fertitta is GNOG’s largest shareholder.
Benchmark’s Hickey says his bullishness on the name is in part attributable to superior brand recognition and strong online casinos market share, coupled with the company’s early entry into mobile/online sports wagering.