High flying Canadian tech Amaya (TSX:AYA) has received approval to list on the Nasdaq. Shares of the company will begin trading in the U.S. on June 8.
“Our listing on the Nasdaq is an important milestone for Amaya and a testament to the tremendous progress we have made over our five years as a public company,” said CEO David Baazov. “We anticipate that the Nasdaq listing will provide greater visibility and better liquidity for our stock and help broaden our shareholder base.”
Last June, Amaya completed the transformational $4.9-billion acquisition of the Oldford Group, which owned the PokerStars and Full Tilt Poker brands.
Despite a stock that has climbed from just over six dollars in April of last year to more than thirty today, Dundee analyst Eyal Ofir thinks there is still more upside in Amaya. The analyst, who has a “Buy” rating and one year target price of $52.00 on the stock, thinks the company’s casino business, which only contributed marginally to this quarter, could generate $520-700 million in annual revenue from the current player base.
Shares of Amaya will continue to trade on the TSX.