Just saw that Bell Potter upgraded PBH from $6.25 to $7.30 Buy....

Just saw that Bell Potter upgraded PBH from $6.25 to $7.30 Buy. Here is their summary:

Retain Speculative Buy Rating. Valuation increased to $7.30 We have downgraded our EBITDA loss forecasts for FY20 from -$28.1m to -$40.0m and from -$21.3m to -$34.9m in FY21 factoring in additional costs for customer acquisition, US staff and market entry costs. Incorporating the Michigan and Kansas partnerships, we have upgraded our customer acquisition assumptions used in our Customer Lifetime Valuation (CLV) from 916,413 to 1,068,200 at June 2025, increasing our Valuation from $6.25 to $7.30. In a crowded market where a number of the 17 New Jersey bookmakers are sub-scale, we see increasing corporate appeal for PBH. It is in a live battle for 3rd position in New Jersey, plus partnerships to enter 12 states.